Cooperative Society league general meeting

The Dominica Co-operative Societies League Limited held its Annual General Meeting on Saturday April 28th.

 

The meeting presented the annual report for 2011 while highlighting the implementation of a new Act that will govern the League.

 

The act was passed at a Board Meeting held on April 15th 2011.

 

Mr. Elue John Charles, a lawyer and member of the league says that this act though a bit challenging to instate, will benefit the Co-operatives of Dominica.

 

At the end of 2011 the Movement was proud to have maintained its market share despite the aggressive advertising by the financial service sector.

 

In addition, it boasts success that is attributed to the amalgamation of five credit unions to form the National Co-operative Credit Union (NCCU), their improved operations and governance and the improved dialogue between them.

 

President of the Dominica Co-operative Societies League Limited, Mr. Cletus Joseph highlighted the need for Dominicans, mindful of the recent economic crisis, to continue good co-operative practices to the next generation.

 

The Movement’s asset base moved from $494 million in 2010 to $513 million in 2012.

 

 

Consolidated assets increased by $18.9 million to $513.5 million representing a 4% increase over 2010.

Loan portfolios increased steadily from $329 million in 2010 to $338.3 million in 2011 thus producing an increase of 9%.

 

Members savings and deposits increases significantly with an increae of $19.5 million while member’s Share Capital grew by $194,550 to $4.8 million.

© 2012 SAT Telecommunications Ltd.

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