Members of the Building & Loan Association (BLA), at their first general meeting in two years, Wednesday night elected a board of directors to guide the operations of the financially-troubled building society.
The board of directors comprises Jeremy Jackson, Camille Crichton, Fidel Neverson, Allisson Thomas, and Joseph Ince.
The meeting, which was chaired by the Financial Services Authority (FSA), which has been managing the BLA since Feb.1, also agreed on a recapitalisation plan that will see each person being required to buy at least $1,000 in permanent shares to be a member of he BLA.
Associate members — persons without permanent shares — will only be able to use some of the services of the association.
The meeting also heard that banker Richard Branch is expected to assume office as Chief Executive Officer of the BLA on Sept. 9, subject to ratification by the new board.
The FSA outlined its “Road Back to Normalcy” action plan for the BLA and told members that the BLA is not a going concern and that the choice is essentially recapitalisation or liquidation.
The FSA also announced that with the approval of the recapitalisation plan, the first payment of interest on account as at June 30, 2013 will be made on Sept. 30.
The FSA said members of the BLA have an opportunity make history, having brought back their association from the death’s door.
They cautioned that while the BLA had been dying and was in intensive care since February, it is not yet at the stage where it can ride a bicycle.(Full story to follow)