The Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited more popularly known as the GAWU Credit Union on December 15 held its 25th Annual General Meeting. The meeting which was held at the Society’s Office at 59 High Street and Wights Lane, Kingston, Georgetown saw some 70 members of the Credit Union in attendance. The operations and membership of the Credit Union has been affected in recent years following the haphazard minimization of the sugar industry which has seen thousands of workers being rendered jobless. The Society which provided an avenue for many sugar workers to have savings to assist them in times of need is yet another workers project adversely impacted by the closure. Today, as the GAWU has pointed out on many occasions those workers are facing the most difficult period of their lives with hardship and misery becoming more and more entrenched.
Those obvious difficulties could not have been ignored by the AGM and the Society’s Secretary, Cde Sattie Basdeo who presented the report of the Committee of Management drew attention to the fall in the Credit Union’s membership resulting from the estate closure. In her report, the Secretary also reviewed the work of the Credit Union since its last AGM which was held in August, last year. In her report, she disclosed that despite the setbacks the Society recorded another successful year of operation and disclosed that a surplus of $22,254,706 was realized.
During the presentation of the Committee of Management’s report, it was disclosed that the Society successfully represented to the Co-operatives Division of the Ministry of Social Protection to reduce its demand for Audit and Supervision Fees. The Co-operatives Act allows the Ministry to demand Audit and Supervision fees to be charged at one (1) per cent of a Society’s working-capital or ten (10) per cent of its surplus. The Co-operatives Division had requested that the GAWU Credit Union pay the former than the latter which would have resulted in the Society paying $4,759,661. The Society represented to the Ministry that the large sum being demanded would have resulted in lesser funds being available to be distributed as dividends and interest rebates. Following our representation, the Ministry agreed to accept ten (10) per cent of surplus which was equivalent to $2,225,471. That representation resulted in the Credit Union having an additional $2,534,191 for distribution to its members.
The Society in keeping with the Co-operatives Act was required to allocate twenty (20) per cent of its surplus which is equivalent to $4,450,941 to its Statutory Reserve Fund for 2017. Also, the Credit Union, statutorily, was required to allocate five (5) per cent of its surplus to its Education Fund which saw the sum of $1,112,735 being allocated
With unanimity, the AGM approved the following resolutions:-
- A three (3) per cent dividend on members’ ordinary savings balances at the end of 2017. The dividend will see members sharing $11.654,641;
- An eighteen (18) per cent interest rebate to members for transactions conducted during 2017. In other words, members are receiving back nearly one-fifth of what they paid to the Credit Union as interest during 2017, and
- The sum of $78,330 was allocated to the Society’s Social and Entertainment Fund for the year 2017.
The AGM elected a new Committee of Management to superintend the Society’s operations until its 26th AGM. The Committee comprises Cdes Gaietri Baron, Sattie Basdeo, Seepaul Narine, Julius Nurse, Bhikram Singh, Harvey Tambron, and Aslim Singh. At the first meeting of the Management Committee, expectedly within the next two (2) weeks, members of the Committee will elect a Chairman, a Secretary and a Treasurer.
The Supervisory Committee comprising Cdes Kavita Bishun, Nykesia Rodney and Khemraj Pitamber was also elected.
The Credit Union continues to play an important role in allowing members of the Union to have some form of savings. Apart from that significant value, the Society’s returns over the years has been in excess of what is earned from the commercial financial institutions. Moreover, unlike the commercial institutions, dividends and interest rebate are exempted from taxes thus further enhancing members’ gains.
The GAWU remains proud that it is able to continue to provide this service to its membership. Our members have found shared that they have found the Credit Union to be invaluable and have been very helpful when they may require assistance in time of need or want. The Union and the membership are also proud of the Society’s accountability and transparency which continues to be examined by external personnel appointed by the Co-operative Department of the Ministry of Social Protection.
