Dividend Disbursement Update

29th June 2020

NOTICE TO MEMBERS

Dear Valued Members,

As you are well aware, and further to our previous related notices to you, the COVID-19 Pandemic and its impact on the World resulting in restrictions on business operations, free movements, and congregating activities, left our Society, like all others, unable to hosts our Annual General Meeting (AGM) for 2019.

We take this opportunity to update you on the subject matter. Statutory regulations dictate that dividends must be approved at the Annual General Meeting (AGM) by way of membership voting on recommendations made by your Board of Directors. Having considered this matter, you are advised that the Office of the Commissioner of Co-operatives has issued guidelines and requirements for payment of an Interim Dividends and Honorarium Payments equivalent to 75% of the Board recommended payments for 2019. These requirements include the submission of our Audited Financial Statements 2019 for the approval of the Commissioner and evidence of our ability to pay among other critical submissions.

You are advised that your Society has complied with the requirements and is awaiting the Commissioner’s approval to remit the payments. The outstanding amount will be ratified by the membership at the next AGM.

It is understandable that your financial plans may have been impacted by the restrictions placed on your Society but we undertake to continue working assiduously to elevate your challenges and inconveniences, In the interim, you are advised that all our facilities remains available for all your financial needs.

Stay Safe, Stay Sanitised.

Message from Board of Directors

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