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Recap of the Annual Members Meeting - 25th May, 2014

posted Nov 16, 2014, 3:35 AM by Clarence Lee   [ updated Nov 16, 2014, 5:06 AM ]
The 6th annual members’ meeting of AMCU was held in the afternoon of 25th May 2014 in HKUST Business School Central’s beautiful venue in the Hong Kong Club building. Fifty-eight members attended. Some highlights:

 A decision was made on how to charge new members for the $25 annual dues per member that AMCU must pay to the Credit Union League of Hong Kong. It was decided that members who join AMCU between July 1 and December 31 of any calendar year should be charged only $10 for that year. Members who join between January 1 and June 30 of the calendar year should be charged the full amount of $25 for that year. Of course all existing members will continue to be charged $25 each year. As usual, all dues will be deducted directly from the members’ accounts.

 Eli de Vera, the chairperson of the Credit Committee announced a new policy on late repayments on AMCU loans. Starting in July 2014, members will be penalized for making late payments. For any payment that is more than 15 days late, the member will be charged:
a. A $100 handling fee. This will be deducted from the member’s saving account.
b. 1% interest per week on the amount that is delayed. This interest will start being computed from the 15th day after the due date.  

 In addition, the member’s delinquency will become part of her record with AMCU and will have an effect on future loan approval. In order to avoid being late on payments, please make sure you adjust your payment date so that it closely matches your salary pay date! 

 Given AMCU’s large income in the past year, members voted to approve the Board’s proposal of a dividend of 2 percent for 2013. Congratulations!

 The following officers stepped down:
o Board of Directors: Anneliese Hahn-Wong, Rex Varona
o Supervisory Committee: Doari Kuafa

 The following officers were elected to 3-year terms:
o Board of Directors: Anneliese Hahn-Wong, Veneranda Non
o Credit Committee: Balotte
o Supervisory Committee: Yani

 Mr. Lee, the Manager of the Credit Union League of Hong Kong congratulated AMCU on itsperformance in 2013, and shared some news about CULHK.

 The President of the Board of Directors, April Lai thanked the Hong Kong University of Science & Technology and Ms. Christiana Lee for kindly facilitating our use of their centrally-located Business School Central venue for the AMM.

 April thanked the manager Clarence Lee for all his hard work through the year. 

 Members from the Migrant Training Centre at the Rhenish Church performed a moving play about the credit union movement. Members from the Philippines Labour Union performed a lively flash mob dance!

Thank you to everyone who attended the AMM. Thank you also to Andrea Leung for (her attempt at) recording the events, and for helping to look after Tal Mukhopadhyay! 

We look forward to seeing all of you again next year. Meanwhile, keep managing your money well!

Notes by Sujata Visaria
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