Concerned NBS members urge deferral on amendment bill

The group, Concerned members of the New Building Society (NBS) feels that the recently tabled Building Society (Amendment) Bill 2010 will drastically reduce the role of the membership in the governance of the institution, and is urging that debate on the bill be deferred.

Secretary of the group Cyril Walker, in a press release issued yesterday said it has “noted with alarm the proposed amendment to the NBS Act” and called on the society’s board to meet members to discuss the proposed change to the NBS Act.  He also called on the government and the parliamentary parties to defer debate on the bill “until members have had an opportunity to consider the proposed amendments and to make their own recommendations.”

The body has expressed concern that the amended bill intends to increase the number of members who may requisition a special meeting from 50 to approximately 10,000. “The objective is to permanently silence and make it practically impossible for the members to ever again call a special meeting in the society,” the release said.

“Another proposed change is the abolition of the right of members to call for an inspection and examination of the affairs of the society,” the release stated.

“This is one of the fundamental tenets of good governance and the protection of minority,” it added.

The piece of legislation is question was tabled in the National Assembly on Thursday by Finance Minister Dr Ashni Singh. It seeks to bring the NBS under the direct supervision of the Bank of Guyana.

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