GAWU’s Credit Union has announced that it has made over $17M in surplus in 2013, at its 21st AGM held on Sunday.
According to a press release, when the Report of the Committee of Management was read to the 220 members, mainly from the sugar industry, it was revealed that a surplus of $17,211,479 was made from the Society’s business last year.
The meeting also heard the Report of the Auditor on the Society’s financial affairs as at December 31, 2013 and the Report of the Supervisory Committee. Assistant Chief Co-operative Development Officer, Janaknauth Panchu expressed satisfaction that the Society has managed to conclude its AGM and congratulated the credit union for another successful year of operation.
In keeping with the Society’s statutory obligations, $3,442,296 was appropriated to the Statutory Reserve Fund and $1,721,146 was allocated to the Co-operatives Division of the Ministry of Labour, Human Services and Social Security
representing Audit and Supervision fees for 2013.
In addition, by unanimous resolution, the AGM approved $9,601,031 to be shared as dividend to eligible members and $2,400,203 as interest rebate to members for the year’s transactions. Also, $40,803 was allocated to the Society’s Social and Entertainment Fund.
The AGM also elected a new Committee of Management to superintend the Society’s operations until the 22nd AGM next year. The committee comprises Bevon Sinclair, Charles Cadogan, Harvey Tambron, Aslim Singh, Julius Nurse, Gaietri Baron, Sattie Basdeo, Richard DeFreitas, Bhikram Singh, Seepaul Narine and Rooplall Persaud. At the first committee meeting, within the next two weeks, members will elect a chairman, secretary and treasurer.
Meanwhile, the Supervisory Committee elected Kavita Bishunm, Hugh Caines and Narda Mohamed to manage its business.
