At GECCU’s 37th Annual General Meeting held on May 13th 2003, a resolution was passed to establish a Social Development Fund. The purpose of this fund was to provide assistance to members who lack the financial resources to recover from an emergency such as fire, earthquake, hurricanes or serious illness. Since its inception, the fund has assisted hundreds of GECCU members during their time of need. $20.00 is transferred once per year from each member’s account to sustain the fund which is available to all members of GECCU. The Fund is managed by the Social Development Fund Committee which was appointed by the Board of Directors in accordance with the resolution.
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.