2023 Annual Report - Flipbook - Page 10
10 Credit Union Annual Report 2023
People
Membership Growth
As of 31 July 2023, the Credit Union membership grew by 1,539
(2022: 1,508). Total members stood at 18,736 (2022: 17,630), an increase
of 6.3%.
New members for the 昀椀nancial year were as follows:
Credit Union Rules (2023 Revision)
We are implementing the revised Rules for new categories
under membership quali昀椀cation based on a phased approach.
We expect to commence onboarding as follows:
Membership Quali昀椀cation
65%
Family members
outside the Bond
35%
Employees within
the Bond
•
•
•
Application for membership
•
•
20%
Youth accounts
50%
Members between the
ages of 18 - 40
Extended family-Immediately
Employees of private healthcare facilities - January 2024
Employees of private educational facilities - April 2024
Entrance fee of $50- immediately
Subscription for permanent shares of $100 for new membersimmediately
In good standing
Member in good standing has been de昀椀ned as: “a member whose
accounts are not in arrears and not dormant and who is compliant
with all the policies and procedures of the Credit Union, including
the Security Policy, and is therefore, eligible to vote, speak at
general meetings of members, and earn dividends on shares.”
We intend to ensure that members are given timely
notice to bring their accounts into good standing as necessary.
53%
Female
47%
Male