Payment of Dividends
Dear Valued Members,
Our country and Credit Union has been faced with various challenges due to the impact of the COVID-19 Global Pandemic. As a result of the restrictions imposed by the Government of Trinidad and Tobago to combat the spread of the Virus, TATECO (POS) Credit Union like other Credit Unions, had to make some inconvenient but necessary changes to our operations.
One of these changes was the postponement of our Annual General Meeting (AGM) carded for 29th March, 2020 which impacted the payment of Dividends. As you may know, a dividend payment from Surplus can normally be paid with the approval of the general membership at an AGM. Under the prevailing circumstances TATECO (POS) Credit Union had to apply for special consideration from the Commissioner for Co-operative Development to treat with the payment of dividends.
We are happy to inform that TATECO (POS) has been granted approval for an interim payment to members of no more than 75% of the proposed dividends declared by the credit union for 2019, until the AGM can be held.
TATECO (POS) has declared 3.5% Dividends payments for the year ended 31 December, 2019. Members will therefore be paid 75% of the 3.5% Dividends on their Shares until the final approval is granted at the AGM. The 2019 Annual Report is now available via our website www.tatecocu.com for review.
We estimate that commencement of the Dividend Payments will begin from 1 July, 2020. In the interim, Members are therefore asked to complete their Dividend Application Forms which will be made available via e-mail, website and at our offices and may be returned via e-mail or Drop Box. Members who request their Dividends via Cheque Payment will be contacted to collect same in alphabetical order.
TATECO (POS) Credit Union takes this opportunity to thank you, our valued Members for your loyalty during these challenging and unprecedented times. We ask that you continue to exercise patience and co-operation as we set about transforming our Credit Union under the “New Normal” guidelines.
Secretary, Board of Directors
June 22, 2020