Equity Shares/Permanent Shares

To become a member of the Fond St Jacques Credit Union each member is required to purchase and maintain at least 20 permanent/equity shares at $5.00 per share (XCD$100 worth of Permanent/Equity Shares). This makes you a member and owner and gives you the right to participate in the decision-making process of the Credit Union. It represents your capital investment in this noble organisation.

In return for your investment in Permanent/Equity Shares you are entitled to receive attractive returns in the form of dividends. The amount received is usually expressed as a percentage of your total Permanent/Equity Shares. Once a surplus is realised by the credit union, members at the Annual General Meeting will decide whether to pay dividends and at what percentage. In 2018 and 2019 members voted to pay dividends of 10%. The more you purchase/invest in Permanent/Equity Shares, the greater your annual returns.

Each Credit Union has a legal obligation according to the Co-operatives Societies Act to maintain at least 5% of its total assets in the form of Permanent/Equity Shares. As such several strategies are in place to encourage members to keep increasing their investment in Permanent/Equity Shares.

Permanent/Equity Shares are not withdrawable. Permanent Shares are liquidated and paid to members or beneficiaries if they close their account or pass away respectively.