Decision details

Cabinet agreed to allocate resources from the Futures Fund to further assist the Darlington Credit Union in its work to improve the financial wellbeing of the community.

The report delegated the finalisation of the funding agreement to the Managing Director in consultation with the Member for Housing, Health and Partnerships.

A funding agreement was drawn up by the Legal team which secures the objectives of the agreement and protects the interests of the Council. This funding agreement has been signed by the Chief Executive of Darlington Credit Union using our standard term of engagement reflecting the terms of agreement.

Implementation date of 6 November 2018.

A funding agreement using the Councils standard Terms and conditions which protects the interests of the Council and ensures the objects agreed are met was drawn and signed by both parties on 6 November 2018.

Following which as agreed by Cabinet a One-off payment of £50,000 was made to to Darlington Credit union in return for a deferred shareholding to strengthen capital balances .

To affect the decision made by Cabinet which was to draw up a funding agreement securing the objectives and protect the interests of the Council.

N/A