By laa Noble News Rerorter jan@nsnews.com LCW interest rates have created a dilemma for the North Shore Credit Union and some of its investors. Owners of the credit union’s Class C shares who want to redeem their shares, currently can’t. And that’s upset some shareholders. “It must be frestrating for a number of people to find out this is bound up like it a said grea. union customer woul opp. “Even if you get to 65 you wo like to make the most of your money.” Credit union rules state that — similar to many other credit unions -~- it can’t “,. fedeem more than 10% of the total Class C shares outstanding in any one fiscal year, said credit union CEO Jane Milner. That 10% ceiling has been reached for this year, although people transferring their RRSPs into RRIFs can still redeem the Milner said this is the first year the cred- it union has had the problem of of not being able to meet the demand of clients wanting "to redeem shares. She added there hasn’t been a prolonged history of low interest :. gates, which drives the sedempdon demand, “like there i is today. investors upset at inability to redeem Class C shares Investors make their money from a quarter: ly dividend, that, when annualized. approximately equal to the rate paid by a three-vear GIC, now about 4%, said Milner. As the stock market has seared and i interest rates have plummeted, holders of the equi- ty shares have redeemed their shares, Mifner ‘said. The credit union, she said, has started to keep a list of Class C holders who want to redeem their shares. In January, when the credit union starts a new year, the credit union wili redeem the shares. Currently, the waiting list sits at 17. On the statement of disclosure, the rules of redemption are clearly outlined. Shares can be redeemed: @ upon the death of the member, @ upon moving from the trading area and cannot reasonably use the services of the credit union; B upon termination of a membership by the credit union; Mlupon the member reaching the age of 65; HW upon approved transferring of the equity shares to another qualifying member; @@ upon compassionate request, which, in management's judgment, is a financial need oF appropriate serious consideration. Herb Schopp is 62 and will be 65 in March. He's not sure he wants to cash in his shares come March, but he wants the abili- ty to be able to. “If they tell me at the end of March I’m sorry we've used up our allocation for 1998, you are going to have to wait to the following year, I don’t think I'd like that.” he said. Schopp said he bought the shares approximately five years ago because the credit union offered him an 8% bonus at the ame. He said he had been happy with the investment unti] the retns dwindled to 6.25% in 1996 and 4% in the last year. Milner said memSers can purchase up to $30,000 worth of the Class C Investment Equity Shares. All members have at least one share. Redeeming the shares erodes the capital of the credit union, explained Milner. She estimates the capital position of the credit union is down a couple of hundred thou- sand dollars from the beginning of the year. The credit union has total capital of more than $35.5 million. Milner said the credit union remains profitable and has recently made lots of investments because the business is chang- ing so fast. “It has nothing to do with the prof- itability of the credit union at all,” she said of the wish of clients to redeem shares. “We're doing fine.” Credit union account holders and depositors are also not affected, said Milner. V parent hot over smoking . Warren’ Hicks agrees the law “as it stands is ambiguous, but doesn’t see how the school could better dea) with the problem. “Essentially what happens is that kids:aren’r allowed to purchase until then (age 19) -.. but’ being in possession of cigarettes is not a crime the ‘police are willing to enforce,” Said Hic Asa result, the school has “an anti-sraoking ‘education : © pro: im. that discourages smoking but those students that choose to smoke anyway have. access to a designated tps CHIP FHixssnae For course information call KATHY SAGER Vice President Financial Advisor 925-5552 ne LUE CHIP THINKING and WOMEN AND WEALTH are Trademarks of : i Midland Walwyn Capital Inc. Member of Canadian investor Frotection Fund. Sponsored in part by: AIC Group ‘of Funds area where it's tolerated. Hicks said the “smoke pit” is purposely “the least desir- able place” that’s exposed to the elements. “We're not pretending no one is smoking because we laid out a policy that says no smoking,” said Hicks: - School — staff estimate smokers make up about 2% of the student body. “TLat’s.a lot lower than a few years back,” said Hicks. He added that a no- sink ing policy has been tried betore and was a dismal fail- ure, Not oniy did the kids smoke anyway, they also ven- tured off school grounds which led to neighbors’ com- ” plaints. A specific area also allows school staff to supervise the ‘studenis, Bur Metcalfe doesn’t sce any reason in that approach. “If this is the case, why not provide a designated area for oe sex and what have you -~ cause they arc going to do .” stated Metcalte. althou h she disagrees with the idea of a smoke pit, Metcalfe understands the plight of the school. i Learn to Build Your Own Business Small Business Entrepreneurship Program 4g Join a growing number of individuals enjoying self msecmploymenm through government assisted ™ enirepreneurship training programs. ¢ Accounting & Finance .* Marketing ¢ Computer Applications » Business Writing ¢ Career Transition Skills » Sales & Promotion ¢ Business Plan Development Attend one of the following Information Meetings: Tuesday, September 9 Wednesday, September 10 Thursday, or September 11 7:30 to 8:30 p.m. Library Building, Room 105 Bring a resumé and a written overvicw of a business idea to the information meeting. a This program is funded by Human Resource 4 Development Canada and is open to any individual able to attend a full-time 12-week program starting fa September 15, ; For more information, call 984-4901 or 540-7797, es Capilano @€amr College Capilano College 2055 Purcell Way North Vancouver, B.C. V7I 3H5 seserencen ease FACTORY FUTON 267 it Nia Entrance in fear lane —_Nas.- Saf. 11-6peu Sunday 12-5 om gi-4504 141) JMRAPIDIUBE | mn 'ORIVE-THRU Ol CHANGE PROFESSIONALS ; No appointment aries’ ji tas cae pit fon fin aeet? 7 ; Inctudes 21 pole safety laspurtion — "> Open 8:00am - “8:00pm Mor..-Sat. i - cxpiren Sept KYS7 5 a I. Delegation - North Vancoitver Far Court & Youth Justice Commitee ~ efcchiea tea my 4, Sport and Recreation Travel Grant Program - Increasing Travel Grants . ; 5, Recognition of Outstanding Aibletic Achievetnent nae 6. North Shore Solid Waste Management Contract - recyclable. collection, processing and ae ~ 7. Governance Model for Transit * . 8, Development Permits 377.0 and 3780- ‘Lots 4952. Swinbume Avenue: 9, Pemberton Station Pub - - Expansion of Gaming Area 10. Bylaw 6968 - Rezoning Bylaw 1077 - Ice Factiy- = Windridge : 11. Parkgate Community Centre - Phase I 2. =. : 12. Firearm Regulation Bylaw - regulation of bows and arrows 13. Bylaw 6945 District of North Varicouver Development: Cost. Charge Bylaw, 1997 : 14, Local Improvement Rate Review 15. UBCM Resolution - Regulation of Home Occupations 16. UBCM Resolution - Photo Radar 17. School Sites Acquisition Amendment Act 18. Taxi Drivers in the Lower Mainland 19. Proposed Development in the Giy of North Vancouver - Comer of Marine Drive & Mackay Avenue 20. Public Meeting - Provincial Government For more information on any of these agenda items, please refer to the District's Web page or call the Clerks Office at 990-2211.