Dr Harris said that “the Police Credit Union had grown in geometric proportions since its humble beginnings in 1984 with a membership of 314 to a membership of 1097 in 2010. Your assets have grown from under EC $50,000 to over $26 million dollars. As we looked at your annual report we marveled at your growth and development and the varied areas in which you have been of service to your members”.
Dr Harris then advised the membership of the need to get familiar with the Cooperatives Bill passed on September 30, 2011. “It changes the regulation and the mode of governance applicable to Credit Unions. It has now regulated your Annual General Meeting (AGM), the work of your Supervisory, Credit and Compliance Committee. It has prescribed how soon an AGM must be held after your financial year end, who can be your auditors, etc when dividend can be paid, the maintenance of certain financial ratios, new standards of reporting etc”.
Dr Harris said that it was imperative that the membership of Credit Union and all those involved in management be appraised of the new law.