GAWU credit union realizes $11.7M surplus

The Guyana Agricultural and General Workers Union (GAWU) credit union has realised a surplus of $11,722,631.

According to a press release, this was the finding of an audit done by Y Ishmail and Associates on behalf of the Co-operative Division of the Ministry of Labour, Human Services and Social Security.

The announcement was made before a gathering of about 250 members during the 19th Annual General Meeting (AGM) of GAWU’s Cooperative Credit Union Society Ltd, registered #2000, held on Sunday last at the Umana Yana, Kingston, Georgetown.

Also discussed at the meeting was the approval of the payment of $8,025,842 as dividend and interest rebate to members of the society, which will be utilized to benefit the society’s members.

The release also stated that $35,014 was credited to the Social and Entertainment Fund, while $2,344,526 and $1,172,263 was distributed to the Statutory Reserve Fund and the Audit and Supervision Fund respectively. The Audit and Supervision Fund is to be remitted to the Cooperatives Division of the Ministry of Labour, in keeping with the Co-operative Act.

Appropriate resolutions were made by the attendees to commit to the above-mentioned disbursements.

An additional member, Rooplall Persaud, was added to the Management Committee comprising Bevon Sinclair, Charles Cadogan, Harvey Tambron, Aslim Singh, Julius Nurse, Gaietri Baron, Walter Raghoo, Richard DeFreitas, Derek Thakur, Seepaul Narine. This committee is to manage the society’s business until the 20th AGM to be held in July of 2013.

In other elections, Kavita Bishun and Narda Mohamed were elected by the meeting to serve on the credit union’s Supervisory Committee. A third person will be appointed by the Management Committee.

The release stated that a meeting to be held on the December 12, will see the elections of the chairman, secretary, and treasurer of the society. At the end of the meeting, members committed themselves to promoting the credit union to others as they attempt to increase the society’s membership

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