Based on the Co-operative Societies Act No: 12 of 2012 which took effect on 4th September, 2012, two new conditions have been set out which co-operative societies must comply with:
- It is now necessary to have at least two (2) classes of shares namely, Qualifying Shares and Equity Shares.
- Co-operative Societies must ensure that their statutory reserves and other institutional capital reserves are not less than ten per cent (10%) of its total assets.
In demonstration of its commitment to national development, the General Employees’ Co-operative Credit Union Limited (GECCU) awarded three of its members university bursaries totaling EC$30,000.00. On Wednesday October 29th, 2014 during a presentation ceremony held at the credit union’s boardroom, Ricky Haynes, Natalie Glasgow and J’wani Peters (represented by mother Ms. Kathleen Williams-Peters) were each handed their cheque by President of GECCU, Bro Kelvin Pompey.