L E A G U E O F S O U T H E A S T E R N C R E D I T U N I O N S , I N C .
accompanying the official notice to participate shall continue to be applicable to the election held at the Special Election. 7.
The Designated Agent shall tabulate the official mail ballots at conclusion of “voting period” and report election results to President’s Office, designated agent will also provide for destruction of all ballots and declare the election concluded. A copy of the Election Certification shall be filed with the Secretary of the League. The President’s Office shall also communicate the results of the election to the candidates and to the members of the League. In the event of a tie for a specific membership category, a Special Election will be held at a time designated by League President’s office.
CAPITAL RESERVE POLICY Objective: The creation and maintenance of this Reserve is a fundamental tenet of sound financial management. The primary objective is to establish and maintain an adequate reserve to protect LSCU from significant unplanned financial events and allow for an orderly response or transition to a significant unfavorable change in financial position. Definitions: League Reserves are defined as unrestricted member’s equity as of the date of the most recent audited financial statement date. For purposes of this policy, the reserve amount is determined based on the consolidated assets of the League of Southeastern Credit Unions, Inc. One year’s dues as defined as total affiliate dues collected for the current fiscal year. Policy: It is the established goal of the Board of Directors for management to maintain reserves equivalent 25
Published on Sep 13, 2011