GAWU credit union…
THE GUYANA Agricultural and General Workers’ Union (GAWU) credit union will today convene its 16th Annual General Meeting (AGM) at the Umana Yana, in Kingston, beginning at 09:00h.

Some 400 members of the Society are expected to attend the meeting, with many of them coming from GuySuCo’s (The Guyana Sugar Corporation) eight sugar estates and other entities at which GAWU enjoys bargaining rights. In attendance also will be credit union members who are not unionised, a GAWU release said.

The forum will see members deliberating on reports from the Committee of Management and the Supervisory Committee of the Society. The reports will reflect on the Society’s work since the last AGM, and will cover the period November 1, 2008 to September 30, 2009.

Also high on the meeting’s Agenda will be the approving of the percentage of dividend, as well as the percentage of interest rebates, not greater than six per cent for the former, and up to 100 per cent for the latter. Last year, the credit union paid out $7.9M as dividend, and $2.2 M as interest rebate.

The credit union also realised a surplus of $15.2M for 2008, of which $10.6M will be shared to members as dividends and interest rebate. The remainder will be allocated to the Society’s Statutory Reserve and Education Fund, the Social and Entertainment Fund and the Audit and Supervision Fund, the proceeds of which are paid to the Co-operative Division of the Ministry of Labour, Human Services and Social Security.

Meanwhile, an eleven-member Committee of Management, and a three-member Supervisory Committee will be elected before the AGM is concluded.

The Credit Union meets every year to review its work, to share its surplus and elect new office bearers.