COVID-19 Update – Dividend Payment
COVID – 19 UPDATE
APRIL 29, 2020
Dear Valued Members,
As we continue to work through this COVID-19 pandemic, we trust that you are doing all that you can to keep safe.
We do understand your anxiety regarding the non-payment of Dividends but as you are aware, Dividends cannot be paid without the specific approval of the AGM. In this regard, the board and Management have been working with other stakeholders and the authorities to provide you with a workable solution regarding your dividend payment.
We are pleased to report that the Commissioner for Co-operatives has now provided Credit Unions with specific guidelines regarding how we can, in these extraordinary circumstances, address the payment of dividends (among other matters). The Commissioner has, in these circumstances only, and in accordance with Sect.47 (2) of the CSA, informed that consideration for approval (by her office) will be provided for a payment of 75% of the proposed Dividend as an Interim Payment to members.
Please note however, that the Credit Union must make this application to the Commissioner and must comply with the submission of specific supporting documentation which includes: Audited Financials for 2019 and Annual Returns for 2018 and 2019.
We are pleased to report that we have already engaged in the process and will inform you as soon as we receive the requisite approval.
We thank you for your patience during this difficult period and assure you that we at Aero will continue to do all we can in the interest of all our members and stakeholders.
On behalf of the Board and Management, stay safe!