Permanent shares are issued at no par value, paid up in cash and invested as risk capital. This share account cannot be withdrawn unless the member seeks to close his account.
Each member is required to hold a minimum of 2000 Permanent Shares at a par value of $1.00 each. This is equivalent to an investment of $2,000.00.
Benefits of Investing in Permanent Shares!
- Holders of Permanent Shares can invest in this account on a regular basis.
- Each Member will be entitled to one vote regardless of the amount of share holdings!
- Dividends will be paid on members’ investment in Permanent Shares. Dividends are shares of the Credit Union’s surplus divided among its members. Dividend payments are decided by the members at the AGM.