Resolution

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION– Declaration of Dividends and Patronage Refund

WHEREAS the audited financial statements of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited for the year 2019 has been presented and approved by this Annual General Meeting;

AND WHEREAS the Balance Sheet of these Accounts shows a Net Surplus in the amount of one million, seven hundred and seventy-two thousand, five hundred & seventy-one dollars ($1,772,571) for the year ended December 2019.

BE IT RESOLVED that this Annual General Meeting approve payment of 5% Dividend on equity shares and 3% Patronage Refund for the period January to December 2019.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPREATIVE CREDIT UNION (1968) LIMITED RESOLUTION– To Provide Honorarium for Officers

WHEREAS the Officers of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited have given their free time and talent to the efficient running of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited;

AND WHEREAS the Mon Repos Eastern Co-Operative Credit Union (1968) Limited has realized a Net Surplus in the amount of one million, seven hundred and seventy-two thousand, five hundred & seventy-one dollars ($1,772,571) for the year ended December 2019.

BE IT RESOLVED that an honorarium in the sum of fifty-five thousand dollars ($55,000), be disbursed amongst the Officers of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited, at a rate to be determined by the Board of Directors, based on the performance of those Officers in terms of attendance at meetings to facilitate the fulfillment of the functions they were elected to perform.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION – To Erect a Building

WHEREAS it is provided by section 114 (2) of the Co-operatives Societies Act CAP. 12.06 that the Board may not without the authorization of the general membership and Registrar invest the funds of the society in real property.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited find it necessary to erect a building, for the general improvement of the Micoud operations.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited recognizes the need to urgently relocate the operations of the Micoud branch to a more adequate and appropriate site to ensure optimal member service experience.

BE IT RESOLVED that the Members of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited authorize the Board of Directors to erect a building on a parcel of land described as block and parcel #1827 B 61 located in Micoud. The said parcel of land is owned by the Mon Repos Eastern Co-Operative Credit Union.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION – To Purchase Real Property

WHEREAS it is provided by section 114 (2) of the Co-operatives Societies Act CAP. 12.06 that the Board may not without the authorization of the general membership and Registrar invest the funds of the society in real property.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited finds it necessary to acquire parcels of land and erect buildings for the expansion and improvement of the operations of the Credit Union.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited recognizes the need to secure a suitable site or building to house the Vieux Fort branch.

BE IT RESOLVED that the Members of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited authorize the Board of Directors to purchase real property or land and erect such buildings as and when it becomes necessary. This is to be done with a high level of financial prudence by the Board, i.e. when such finances of the Society can safely allow for the acquisition.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

COOPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION – To Purchase Real Property (Northern Expansion)

WHEREAS it is provided by section 114 (2) of the Co-Operatives Societies Act CAP. 12.06 that the Board may not without the authorization of the general membership and Registrar invest the funds of the society in real property.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited recognize the need to operate a branch in the North of St. Lucia.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited find it necessary to acquire a parcel of land and erect a building; or purchase a commercial building for the expansion of services to the North of St. Lucia.

BE IT RESOLVED that the Members of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited authorize the Board of Directors to purchase real property or land and erect such Building as and when it becomes necessary. This is to be done with a high level of financial prudence by the Board, i.e. when such finances of the Society can safely allow for the acquisition.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION – To Open Branch and Use a Trade Name

WHEREAS it is provided by Regulations 38 of the Co-Operatives Societies Act CAP. 12.06 that the Credit union may open a branch for servicing their members, having first obtained the Registrar’s approval in writing.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited recognize the need to operate a branch in the North of St. Lucia.

AND WHEREAS the Board of Directors of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited recognize the need to register a trade name to market and launch a branch in the North of St. Lucia.

BE IT RESOLVED that the Members of the Mon Repos Eastern Co-Operative Credit Union (1968) Limited authorize the Board of Directors to open a branch in the North and register the trade name First Community Credit Union; To allow for the Credit union to be known as Mon Repos Eastern Co-Operative Credit Union 1968 Ltd; trading as First Community Credit Union.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary

SAINT LUCIA

CO-OPERATIVE SOCIETIES ACT, CAP. 12.06 MON REPOS EASTERN CO-OPERATIVE CREDIT UNION (1968) LIMITED RESOLUTION – To Appoint Auditor

WHEREAS it is provided by section 129 (1) (b) of the Co-Operative Societies Act CAP. 12.06 that members of a society shall at each annual meeting appoint an auditor to hold office until the close of the next annual general meeting.

AND WHEREAS the Auditors AP Walcott and Associates provided External Audit services to the Mon Repos Eastern Co-Operative Credit Union (1968) Limited for the year 2019.

AND WHEREAS the Members, Officers and Board of Directors of the Mon Repos Eastern CoOperative Credit Union (1968) Limited, are satisfied with the services provided by the said Auditor.

BE IT RESOLVED that the Auditor AP Walcott and Associates be appointed as auditor to hold office until the close of the next Annual General Meeting.

Passed at the Annual General Meeting this _______________ day of _________________ 2020.

Proposed by ……………………..………. Seconded …………………...…..……………………

Votes for ………..…… Against ……………..……. Abstentions …………………….………

_______________________ President/Chairman

_______________________ Secretary