Permaculture Credit Union

swrpi at igc.apc.org swrpi at igc.apc.org
Mon Jan 5 20:16:14 EST 1998


1/05/97  Dan Hemenway wrote:
>It would be easier to say whether I would join or not if I could see legal
>documents that indicate:  1) How binding the potential for good works
>investments will be, legally.  2) Mechanisms of oversight and enforcement by
>members. 3) Proposed rates.  4) Banking experience of the proposed staff.
>
>
Dan,
As you can see from the letter we are in the formative stages and what we
are asking for is an indication of interest, this indication of interest is
stated when you fill the form.  It also helps us convince the Credit Union
Regulators that there is enough interest in the Permaculture community to
justify forming a special credit union.  You are not committing to anything
except that you think it's a good idea.

We have an experienced banker on the organizing committee and several
professional businessmen.  We are now in the process of writing our business
plan where we outline our loan policies and the expenses of running a credit
union.  We will then take that business plan and our list of potential
members to the Credit Union Association and submit our application.  Once
the application is accepted and revised, if necessary, we will then contact
those who have indicated interest and let them know the loan policies,
interest rates, services, and who our loan officers are and ask them to make
deposits and to join as members.  The by-laws of the credit union will then
be available which will answer any questions about accountability.  We will
be regulated and audited just as any other financial institution and each
depositor account will be insured up to $100,000.

So, no pigs in a poke!
*************************************************************************
<swrpi at igc.apc.org>
Permaculture Institute
Scott & Arina Pittman 
PO Box 3702
Pojoaque, NM 87501

Ingenio Patet Campus



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