Q: What is a Permanent Share?
A: It represents a member’s ownership of, or member’s equity in the Credit Union. This amount cannot be withdrawn while the person remains a member.

Q: Why is it necessary for the Credit Union to implement Permanent Shares?
A: This gives the Credit Union another option for raising capital. It is also in keeping with the International Financial Reporting (Accounting) Standards that require equity to be treated in a certain way.

Q: Since voluntary shares are not considered capital, permanent shares represent members’ equity in the Credit Union.

Q: How is a Permanent Share different from voluntary shares?
A: The money in voluntary shares can be withdrawn, subject to a notice period if necessary. Permanent shares cannot be withdrawn; they can only be transferred when the member decides to give up membership.

Q: How does a member benefit from having Permanent Shares?
A: It represents your part ownership or equity in the Credit Union and is used for the growth and development of your Credit Union.

Q: How does the Credit Union benefit?
A: Permanent shares increase the capital of the Credit Union and allows it to undertake expansion and enhancement of services to the members.

Q: Will I get dividends on my Permanent Shares?
A: Dividends may be paid on permanent shares if recommended by the Board of Directors and approved by members in an annual meeting.

Q: Can I use my Permanent Shares as collateral?
A: Permanent shares are not intended to be used as collateral. Members have the option of using their voluntary shares to provide collateral for their loans.

Q: Who and what will determine how much Permanent Shares members will need to have?
A: These decisions will be made by members in general meetings on the recommendation of the Board.
Q: Can Permanent Shares ever be withdrawn?
A: No. they cannot be withdrawn but they can be transferred to other members. In case of death or resignation as a member; the Credit Union may buy back the shares using a special fund called the share transfer fund.


I have always experienced nothing less than the highest level of professionalism when being served at the Credit Union. I have been a member since 2015 and apart from the excellent financial savings benefits, I have to highlight the excellent service that the staff consistently delivers.  The service delivery has lived up to the orientation meeting that was held with my staff and me.

Margaret Giloth September 20, 2017