The Guyana Agricultural and General Workers Cooperative Credit Union Society Limited (GAWU Credit Union) will soon disburse 1.75 dividend to all its members holding ordinary savings balances at the end of 2018. Additionally, members will also benefit from a 21 per cent interest rebate which was paid during 2019.
“These two (2) measures will see members benefitting from nearly five million dollars ($5,000,000) in their accounts,” a statement issued by GAWU said.
The announcement was made at the Society’s 26th and 27th Annual General Meetings on December 12, 2020.
The Society’s Treasurer, Seepaul Narine said that for the years 2018 and 2019, the Society recorded surpluses $4,918,076 and $2,355,663 respectively. Narine explained that for both years the Co-operatives Department of the Ministry of Labour had sought the Society to pay one per cent of its working capital as Audit and Supervision fees.
He said 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 per cent of the surplus as it outlined in the law.
The Co-operatives Society Act requires Societies to pay either ten per cent of their surplus or one 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,” the statement said.
Apart from Audit and Supervision fees, statutorily the Society is obligated to set aside twenty per cent of its surplus towards its Statutory Reserve allowing the remainder to be distributed as the AGM approves.
A nine person Committee of Management comprising: – Gaietri Baron, Seepaul Narine, Aslim Singh, Harvey Tambron, Julius Nurse, Bhikram Singh, Sattie Basdeo, Lochan Khandai, and Orison Walcott was also elected at the AGM while a three person Supervisory Committee comprising 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 has been in existence for nearly three decades and continues to be an important avenue for workers to set aside monies for savings.
