The Guyana Defence Force Co-op Credit Union (GDFCCU) according to its 2007 Annual Report has realised $52.3 million or 11.8% increase of its net assets and also increased its statutory reserve by 12.8%, moving up to $89.8 million during the reporting period.
And the surplus was $26.9 million and a dividend amounting to 16% of an active share capital of $371.7 million is to be paid, the GDF stated in a press release.
The release said also that a well-attended and lively Annual General Meeting (AGM) of the GDFCCU was held at the Auditorium at Base Camp Ayanganna last Thursday.
Meanwhile members in attendance at the AGM deliberated and voted on motions which were tabled on a wide range of issues, including the introduction of specialised credit union accounting software, the creation of a Website for the GDFCCU, the establishment of an office at Base Camp Stephenson at Timehri and raising the ceiling on car loans from $1.5M to $2.0M.
Members also elected a new Committee of Management and Chief Co-operatives Officer Kareem Abdul Jabar was the Returning Officer and presided over the election of the Secretary/Manager Lt. Col Nazrul Hussain; Chairman Lt Col Enoch Gaskin; Vice Chairman Major Leland Saul; Treasurer Major Godfrey Bess; Assistant Secretary W/WO Hilda Porter, and Committee Members Major Dwain Nurse, Captain Dwayne Carter, PO Jason Benjamin, and SSGT Leyland Liverpool.
This new Committee of Management (COM) will replace those persons who served on the Interim Management Committee (IMC) which had been operating the Credit Union for the past five months.
Elected to serve on the Supervisory Committee with the responsibility of oversight of the Committee of Management’s activities are Lt Col Kyte, Major Paul Arthur, and Jerry Lesperance.
The newly-elected officials are to meet shortly to determine from among themselves the persons who will hold office as Chairman, Vice-Chairman, Secretary, Treasurer and Assistant Secretary of the organization.
Prior to the election of the new office-bearers, Lt Col Hussain, in his capacity as Secretary/Manager of the IMC, presented the 2007 Annual Report.
Also present at the AGM were Manager of the Credit Union League in Guyana Dana Nestor and the GDFCCU’s External Auditor Rupert Foster, the release concluded.
