JPS & Partners 2017 Annual Report
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Resolutions<br />
CURRENT MAXIMUM LIABILITY<br />
WHEREAS Credit Unions are required to obtain the<br />
approval of the General Meeting for the maximum liability<br />
they may incur in voluntary shares, loans and deposits and<br />
whereas the current limit approved by the last General<br />
Meeting was for this Board to borrow up to an amount not<br />
exceeding a ratio of sixteen (16) times of the Society’s<br />
capital and reserve fund;<br />
WHEREAS the Board of Directors is satisfied that the<br />
present functions of the <strong>JPS</strong> and <strong>Partners</strong> Co-operative<br />
Credit Union can be discharged within the limit of sixteen<br />
(16) times previously established;<br />
BE IT RESOLVED THAT The Board of Directors may incur<br />
a liability in voluntary shares, deposits and/or loans from<br />
any source on such terms of payment or security provided<br />
that the total liability shall not exceed a ratio of sixteen (16)<br />
times of the Society’s capital and reserve fund.<br />
Pushing you Beyond All Limits!<br />
111<br />
<strong>JPS</strong> & <strong>Partners</strong> Co-operative Credit Union