AGM Report 2016
The St. Lucia Teachers’ Credit Co-operative Ltd (SLTCC) warmly welcomes all members of the teaching profession back to school and wish all a very successful 2017-2018 Academic Year.
The SLTCC was again the host of another successful annual Depositors’ Camp in July. For the first time, the camp was held simultaneously in the North and the South. The SLTCC would like to thank all the volunteers for giving their time and effort to help promote the work of the SLTCC.
We are also pleased to inform of another successful bursary distribution in 2017. This event is scheduled to take place annually on the third Thursday in July. Members with children who were successful in the common entrance exam received a onetime bursary of $400.
Members are encouraged to continue signing up and utilizing the online banking facility. Please make arrangements for this facility if you are yet to do so.
In an effort to continue to meet the many needs of its members, the SLTCC will work closely with contact persons and school thrift teachers at the schools. In that regard, we thank them for supporting teachers and students and look forward to strengthening the vital link that connects members, the school thrift and depositors to SLTCC.
We all look forward to our AGM in the new term, as well as the observance of Financial Literacy Month in October.
We look forward to your continued support and involvement in all our upcoming activities.
Members may use their existing shares, or increase the amount to satisfy loan requirement. Members who make lump sum lodgments to shares may be required to wait for four (4) to six (6) weeks before a loan can be considered
Savings in a Financial Institution.
A member can give another financial institution instructions to assign all or part of their savings to the Society. This order is irrevocable unless written notice is given by the Society.
The face value will be discounted by 20%. (80% of the face value will be used.)
Shares in other companies
Shares in public companies such as Bank of St. Lucia, LUCELEC, Sagicor, are acceptable with the relevant assignment.
Co-makers and Guarantors
For loans not exceeding $20,000, a combination of no more than two co-makers and up to two guarantors may be used. Co-makers must sign loan form in the presence of Credit Union personnel.
Submit Insurance Policy along with a current status letter from your Insurance Company.
The cash surrender value and not the face value of the policy is used.
If policy belongs to a third party, a letter is required giving authorization to use policy. NB. The policy remains with the Credit Union until the loan is repaid or otherwise secured.