86 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2023 (expressed in Barbados dollars) 54 20 Share Capital Section 10 of the Co-operative Societies (Amendment) Act, 2007-39, requires that each member hold a minimum value of membership qualifying shares as determined by the Credit Union. The qualifying amount for membership amounts to $120 which comprises 24 shares at a nominal value of $5 per share. All shares are non-withdrawable except on the termination of membership. There is no limit to the number of shares the Credit Union is authorised to issue. During the year, the Credit Union issued 108,816 (2022 - 126,960) shares at $5.00 each to its members for cash consideration of $544,080 (2022 - $634,800). The Credit Union redeemed 22,128 (2022 - 18,216) shares and subsequently repaid $110,640 (2022 - $91,080) to previous members. At March 31, 2023 the total number of membership qualifying shares was $2,666,832 (2022 - $2,580,144). The following table shows a reconciliation of all movements in the membership qualifying shares between the beginning and end of the reporting period: 2023 2022 Carrying amount $ No. of shares Carrying amount $ No. of shares Balance, beginning of year 12,900,720 2,580,144 12,357,000 2,471,400 Shares issued 544,080 108,816 634,800 126,960 Shares redeemed (110,640) (22,128) (91,080) (18,216) Balance, end of year 13,334,160 2,666,832 12,900,720 2,580,144
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