The Guyana Agricultural and General Workers Cooperative Credit Union Society Limited known more popularly as the GAWU Credit Union concluded its 26th and 27th Annual General meetings on (Saturday) December 12, 2020. The meeting saw a small number of members gathering, in keeping with the COVID-19 guidelines, at the Society’s registered office, 59 High Street and Wights Lane, Kingston, Georgetown. Additionally other members were able to participate in the meeting virtually.
The Chairperson of the Society’s Management Committee, Gaietri Baron who chaired the meetings touted the successes of the Credit Union which faced a massive loss in membership after four (4) sugar estates were indiscriminately closed in recent years resulting in the loss of thousands of members. She noted that despite the setback, the Society was steadily gaining membership as more and more workers are encouraged by the benefits and opportunities offers by the Society. She noted that while this is pleasing, there was still more work that could be done and encouraged members to be ambassadors of the Society and to assist in furthering the membership drive. She reminded those gathered that the Society continues to be prudently managed and every effort is being made to maximise benefits offered.
The Society’s Secretary, Sattie Basdeo reported on the work and activities of the Credit Union. She noted that while they have been challenges there is optimism as the re-opening of estates will offer the opportunity for increased membership. She noted too that despite the difficulties, the Credit Union remained financially sound though she pointed out that remittances from the GuySuCo to the Society is delayed. She shared with members that the Society is actively engaging GuySuCo on the matter and the Corporation’s indebtedness had decline. She drew attention that despite the GuySuCo was not promptly making payments, members are able to conduct their transactions and receive their savings.
The Society’s Treasurer, Seepaul Narine shared with those present that for the years 2018 and 2019, the Society recorded surpluses $4,918,076 and $2,355,663 respectively. He informed the meeting that in both years the Co-operatives Department of the Ministry of Labour had sought the Society to pay one (1) per cent of its working capital as Audit and Supervision fees. The significant fees demanded would have left the Credit Union with little or nothing to distribute to members and as a result representation was made to the Co-operatives Department to accept ten (10) per cent of the surplus as it outlined in the law. The Co-operatives Society Act requires Societies to pay either ten (10) per cent of their surplus or one (1) per cent of their working capital as Audit and Supervision Fees to the Co-operatives Division. Following the demand of the Co-operatives Division, the Society represented diligently for ten (10) per cent of the surplus to be paid to allow an appropriate sum to be available for distribution to members. After some consideration, the Co-operatives Division approved our request. On this matter, the GAWU had represented to Minister of Labour, Joseph Hamilton that the act should be amended to requiring Credit Unions to pay ten (10) per cent of their surplus as Audit and Supervision Fees.
Apart from Audit and Supervision fees, statutorily the Society is obligated to set aside twenty (20) per cent of its surplus towards its Statutory Reserve allowing the remainder to be distributed as the AGM approves. To that end, the AGM approved the payment of a 1.75 dividend to all members who had ordinary savings balances at the end of 2018. Apart from that, the meeting approved a 21 per cent interest rebate of interest payments paid by members during 2019. These two (2) measures will see members benefitting from nearly five million dollars ($5,000,000) in their accounts. This is testament to the commitment of the GAWU Credit Union to give back to its members.
The meeting also elected a nine (9) person Committee of Management comprising:- Gaietri Baron, Seepaul Narine, Aslim Singh, Harvey Tambron, Julius Nurse, Bhikram Singh, Sattie Basdeo, Lochan Khandai, and Orison Walcott. A three (3) person Supervisory Committee Kavita Bishun, Poorandatt Narine, and Jennifer Persaud were also elected. The Management Committee, at its first meeting, will approve the election of Chairman, Secretary and Treasurer of the Society.
The GAWU Credit Union in existence for nearly three (3) decades continues to be an important avenue for workers to set aside monies for savings. It has enable many members to acquire items for their homes, to assist in rainy days or even to set aside for their older days. We are proud to have continue to provide this valued and valuable service as we recognise we are making a marked difference in the lives of many members and their families.
