THE nineteenth Annual General Meeting (AGM) of the Guyana Agricultural and General Workers’ Cooperative Credit Union Society Ltd. was successfully held on Sunday at the Umana Yana, Kingston, Georgetown. The gathering of approximately 250 members heard the report from the Committee of Management which reviewed the work of the society since its 18th AGM in October, 2011. Reports were also presented by the Society’s Supervisory Committee as well as the Report of the Auditor for the calendar year 2011.

According to the Audit Report, which was prepared by Y. Ishmail and Associates, on behalf of the Co-operative Division of the Ministry of Labour, Human Services and Social Security, the Society realized a surplus of $11,722,631 for year 2011.  

The AGM approved the payment of $8,025,842 as dividend and interest rebate to members of the society. It follows that this sum will be to the benefit of the society’s ordinary members. The sum of $35,014 was credited to the Social and Entertainment Fund. The sum of $2,344,526 was distributed statutorily to the Statutory Reserve Fund, while the sum of $1,172,263 was distributed to the Audit and Supervision Fund, which is remitted to the Co-operatives Division of the Ministry of Labour, Human Services and Social Security, in keeping with the Co-operative Act.

Appropriate resolutions were approved by the attendees of the meeting to commit the above-mentioned disbursements.

An eleven member Management Committee, comprising Cdes Bevon Sinclair, Charles Cadogan, Harvey Tambron, Aslim Singh, Julius Nurse, Gaietri Baron, Walter Raghoo, Richard DeFretias, Derek Thakur, Seepaul Narine and Rooplall Persaud, was elected to manage the society’s business until the 20th AGM planned to be held in July, 2013. At the first meeting of the Management Committee, which will be held on December 12, 2012, the Chairman, the Secretary and the Treasurer of the Society will be elected.

The meeting also elected Cdes Kavita Bishun and Narda Mohamed to serve on the Credit Union’s Supervisory Committee. A third member of this committee will be appointed by the Management Committee.

The meeting ended with a commitment by members to promote the Credit Union to others with a view to enlarging the society’s membership.