Permanent Shares

Permanent Shares, Explained

At the National Farmers’ and General Workers’ Co-operative Credit Union each member is required to purchase
20 shares at $5.00 per share ($100) upon becoming a member.

These shares are known as Permanent Shares or Equity, which gives the member the right of ownership and the
opportunity to participate in the decision-making process of a Credit Union. However, the Co-operative
Societies act sanctioned by the Eastern Caribbean Central Bank state that collectively members of
Co-operatives must own at least 5% of the total assets of their Co-operative. In the quest of achieving this
target, 25% of member’s interest will be transferred towards permanent shares until that target is met.

  Equity also improves the capital structure of Credit Unions and in the long run
  allowing it to be in “ready” mode to undertake expansion and enhancement of services
  to members, with attractive returns. Permanent shares cannot be withdrawn. Permanent Shares is subject to
  yearly dividends at a rate which is reflective of the Credit Union’s performance in accordance to the Co-operative Act.

  Currently, we pay out as directed by the AGM percentage interest to our members annually.

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