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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

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