The board “acknowledged the long and distinguished commitment” Maguire had to the role, especially during its recent merger. LacPatrick was formed out of the merger between Town of Monaghan and Ballyrashane co-ops.

LacPatrick will announce a new board at its AGM later this month. A new chair will also be elected.

Debt

At the meeting, Maguire admitted to having “an outstanding and historic debt” to the co-op.

Maguire has already made a “significant recent payment” of the money owed and “an agreed repayment plan” has been put in place.

The board has recommended that in accordance with corporate governance standards, that all board members be required to sign a declaration, on an annual basis, of all relevant interests and related party transactions between the board member and the co-op.

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