|
The adoption of By Laws for the new entity, presentation of the financial statements and reports, election of volunteers and the approval of a 6% dividend on Member Shares, were among the highlights when members of the National Co-operative Credit Union Ltd met on May 31 at its 1st General Meeting to review the Society’s performance for the two (2) month period, November 1 to December 31, 2010 . The meeting was held at the St. Gerard’s Hall in Roseau under the theme, “One Big Family”.
NCCU’s President, Mr. Dexter Ducreay reported to the membership that the Society recorded solid financial performance in the two months under review earning Gross Revenues of $4.67M and realising Total Comprehensive Income of $654,442. He described this performance as creditable noting that most institutions experience losses for a period of time after a merger.
According to the Board of Directors’ Report, the Society intends to pursue consolidation over the next three years and will focus on streamlining processes, improving inter-branch communication, training staff and volunteers, promotion of services and offering additional incentives to members.
After a lengthy and enthusiastic election process, 38 of the 39 volunteers, who steered the NCCU from November 1, 2010 to May 31, 2011 were returned to office.
Prior to the adjournment of the meeting, a decision was taken to reward members who made the time to attend and participate with a $50 deposit to their accounts.
The NCCU is a financial co-operative and was established on November 1, 2010. It is an amalgamation of the Vieille Case, St. David’s, St. Paul, Roseau and La Salette Credit Unions. The Society has a roll of over 36,000 members and assets in excess of $340M.
|
