The Linden Utility Services Cooperative Society Limited (LUSCSL) has made history by approving a bonus package of $2.6M for its members at a recent AGM.
LUSCSL, which boasts the largest co-op membership in Guyana, approved the bonus package at its AGM held on October 7. Members also returned LUSCSL’s Commit-tee of Management en bloc to serve for another term of office, after a rousing commendation of its stewardship.
Valerie Adams-Patterson has been returned as chairperson and Charles Sampson and Alfred Julien as secretary and treasurer respectively. The other Committee members are Courtney Handy, George Joaquin, Mortimer Mingo, Dexter Copeland, Franklin Carew and Leon Barrett. The Supervisory Committee, elected at the meeting comprises Dotty McFarlane, Princess Lewis and Stanley Collins.
Highlights of its performance included reducing the society’s debt from $34 million to $16 million, realising an income surplus of over $20 million, verifying hundreds of members to regularise the society’s membership register to allow for the payment of dividends and bonuses, and obtaining the approval of the membership for the payment of the $2.6 million bonus package.
Adams-Patterson said the bonus started being distributed on October 15 and will go until November 15, 2012. The bonus was approved for distribution among LUSCSL’s 5241 members but Adams-Patterson said that as at the date of the recent meeting only 602 members had completed the verification process. There are 2243 consumers of electricity under the Society.
Earlier this year the society expanded its revenue earning capacity with the purchase of a $6.5M tractor and $3.8M wood mizer which allowed it to invest in the forestry industry.
LUSCSL purchases electricity from the Linden Electricity Inc., which it sells to its consumers in Wismar. The society has been in operation for over 50 years.
