The Credit Union's By-Laws

 

THE BOARD OF DIRECTORS:

President: Alvin Perry
Vice-President: Ricardo Seale
Secretary: Mildeane Massiah
Treasurer: Keith Alleyne
Floor Member: Margaret Beckles

 

THE SUPERVISORY COMMITTEE:

Chairman: Victor Johnson
Secretary: Jacqueline Gollop
Floor Member: Clement Derrell

 

THE CREDIT COMMITTEE:

Chairman: Cleo Haynes
Secretary: Audrey Jones-Drayton
Floor Member: Kim Vanterpool-Jones

 

Excerpts from the Report of the Board of Directors For The Year Ending March 31, 2005 MEMBERSHIP The Membership of the Credit Union now stands at 223, which represents an increase of 11.0% over the previous year.    NET INCOME      SHARES      Shares at the end of the financial year totalled $1,201,949.69. This represents an increase of 11.6% over the previous year.      ASSETS      Total Assets have reached $1,826,051.81      LOANS      Total outstanding loans were $1,459,007.73     Amounts at March 31st, 2005 (Barbados dollars)   YEAR 2002 2003 2004 2005   SHARES   $945,881.67   $992,258.18   $1,030,868.55   $1,201,949.69   DEPOSITS   $250,823.78   $270,058.66   $304,967.28   $306,300.63   LOANS   $855,693.78   $1,129,854.37   $1,290,263.12   $1,459,007.73   CONCLUSION The Credit Union movement in Barbados has experienced fantastic growth over the last 10 years and we at the BSTU Credit Union are part of that growth. We have traditionally served our members' credit needs by providing finance for land acquistion, home improvements, consumer durables and for other miscellaneous purposes. The Barbados Secondary Teachers' Union Co-Operative Credit Union has performed this role very successfully notwithstanding the inherent credit risk. This success is partly due to the loyalty of its members. The Barbados Secondary Teachers' Union Co-Operative Credit Union Limited had another great year 2004-2005 in terms of growth in assets. We are 22 years old and still growing due to the efforts of our members. Cooperative organisations, however, require some altruistic committment on the part of members. Change is imminent. It is continuous. New ideas are needed, especially from the membership, to keep pace with change. Research is vital but we should not stop with the results of research; we MUST go on to utilise creativity, to deal with the results. However, the Barbados Secondary Teachers' Union Co-Operative Credit Union Limited will continue to act as a training ground for self-reliance, self-confidence and other personal qualities beneficial to our development. We would like to take the opportunity to thank the management team, inclusive of committees, for their untiring and sefless contributions. Special thanks is extended to the Management of the Barabados Secondary Teachers' Union for the use of their premises and facilities. We look forward to continued cooperation between the two organisations. Last but not least, special mention must be made by the Board of the untiring contribution of Sis Marcia Cheltenham, Office Administrator, without whom the organisation would not have realised its growth and development this year.

© The Barbados Secondary Teachers' Union 2006 All Rights Reserved.