The Guyana Agricultural and General Workers Cooperative Credit Union Society Limited held its 31st Annual General Meeting (AGM) yesterday and approved $6.1m in distributions to members.
During this meeting, members conducted a “thorough review” of the Credit Union’s operations for the year ending December 31, 2023. A release from the Credit Union said that this review followed detailed audits supervised by the Cooperatives Department of the Ministry of Labour and Manpower Planning.
The financial records revealed that for the year 2023, the Society achieved a surplus of $9,067,516 before statutory deductions. Following statutory deductions of $1,813,503 to the Statutory Reserve Fund and $906,752 to the Audit and Supervision Fund, the AGM approved a series of distributions for eligible members.
The release said that in a landmark decision, the AGM authorised a dividend payment of $4,355,478, which represents 1.5% of the Society’s ordinary shares totaling $290,365,249. Further, members approved an interest rebate of $1,767,828, which constitutes 21% of each member’s interest charges for 2023. The AGM also authorized a contribution of $223,956 to the Social and Entertainment Fund. In total, these distributions amount to approximately $6.1 million returned directly to members, the release added.
The AGM elected a ten-member Committee of Management, which includes Gaietri Baron, Sattie Basdeo, Seepaul Narine, Porandatt Narine, Taramattie Dyal, Harvey Tambron, Gordon Thomas, Julius Nurse, Bhikram Singh, and Rikhram Srikishen. A three-member Supervisory Committee, consisting of Kavita Bishun, Rawattie Persaud, and Sasha Ruhoman, was also unanimously elected.
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