HomeMy WebLinkAboutThe Citizen, 1986-12-03, Page 10PAGE 10. THE CITIZEN, WEDNESDAY, DECEMBER 3, 1986.
Clinton Credit Union re-elects executive
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Members of the Clinton Community Credit Union elected a Board of Directors for the 1986-87 term at the
organization’s annual meeting in Clinton November 26. Officers for the term appointed from within the
Board were above, [front, from left] Keith Tyndall, Vice-President; John Lavis, President; and Ernie
Williams, Secretary. Back row, Directors Tom Eadie, Ray Garon, Gerry Fergusson and Mason Bailey.
Ernest Williams of Seaforth and
Keith Tyndall of Clinton were
re-elected to the Board of Directors
at the Clinton Community Credit
Union’s 35th annual meeting in
Clinton November 26, filling the
only two positions left vacant by the
termination of each man’s three-
year term of office.
At the Directors’ meeting later,
Mr. Tyndall was appointed vice-
president of the board, relieving
Mr. Williams of that duty, which
the latter held last year in addition
to his position as secretary. Again,
John Lavis of Clinton was appoint
ed president, while Mr. Williams
will continue as secretary.
Mason Bailey of Blyth, Ray
Garon of Clinton, Gerry Fergusson
of Exeter and Tom Eadie of
Goderich will continue on as
directors for 1986-87.
Only one member of the Credit
(Loan) Committee was up for
election, with Herb Duizer of
Clinton being returned by acclam
ation, after Bill DeJong of Clinton
declined the nomination. Other
members of this committee, which
meets once a week to review loan
applications, are Richard Lobb,
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7
Cliff Parker, Jim Hunter and Doug
Cantelon.
Manager Fred Gibson noted that
Mr. Duizerwasamemberofthe
original credit committee set up in
Clinton more than 36 years ago by
the Christian Reform Church,
approving farm loans to Dutch
immigrants at four per cent.
Two by-laws to amend the
existing by-laws of the Credit
Union were passed by the more
than 100 members in attendance,
after each was explained by
President Lavis and John Dick, a
chartered accountant with the
organization’s auditor, Ward Mal-
lette of Ridgetown.
One of these, which will require
Credit Union members to hold a
minimum of five paid-up perma
nent shares in the organization,
(up from the one share now
required), was recommended by
the provincial Ministry of Consum
er and Commercial Relations. This
provision will result in providing
the member-owned company with
alargercapital base, which will
enable it to realize a more
advantageous tax position.
The other by-law passed by the
membership, at the request of the
ministry, will provide for a larger
number of members needed in
order to call a general meeting.
Although this action has never
been taken by the Clinton Credit
Union, according to manager Fred
Gibson, the new by-law will make it
necessary to have more than 400
members in agreement to call such
a meeting, up from the 100 now
required.
Mr. Dick reported that a divi
dend of 6.5 per centwas paid on
share accounts this year, with more
than $2.9 million being returned to
members as dividends and inter
est. He said that until the
organization’s reserve fund has
been built up to five per cent of its
assets, according to a ruling by the
Ontario Share and Deposit Insur
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dends would not likely be forth
coming.
Mr. Dick also pointed out that
Credit Union members are insured
up to a limit of $60,000 per account
by this provincial corporation,
matching a similar amount of
protection granted federally to
depositors with chartered banks.
Members learned that for the
first time in history, assets at the
Clinton Community Credit Union
have passed the $40 million total,
with growth in both the Clinton and
Exeter branches showing a steady
increase. Loan Manager Don
Jefferson reported that his depart
ment had experienced a very busy
year, with nearly $15 million in
loans disbursed, covering 282 first
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mortgages and 1,686 personal
loans. He said the average mort
gage loan was more than $28,000,
whiletheaveragepersonal loan
amounted to slightly more than
$4,000.
The Credit Committee had
reviewed 1,083 loan applications,
and approved 829, while loan
officers approved l,1391oansto
members whose past rating was
satisfactory.
Before the meeting ended, the
solemn oath of office was admini
stered by vice-president Tyndall to
six new employees, Josephine
Cook, Eileen Townsend, Debbie
Falconer and Terry Dobson of the
Clinton office; and to Lynn Tordoff
and Karen Dauber of the Exeter
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