Commissioner of Co-operative Development: Eastern Credit Union Has Chance to Course Correct

The Office of the Commissioner for Co-operative Development (Commissioner) advises that Eastern Credit Union Co-operative Society Ltd. (ECU) has an opportunity to address its governance issues.

This statement is made in reference to a breach of the Co-operative Societies Regulations in the convening of an Annual General Meeting of the ECU held on Saturday 22nd April, 2023. A Co-operative Officer in attendance at the meeting indicated that the Society’s action was in breach of Regulation 18 of the Co-operative Societies Regulations under the Co-operative Societies Act, Chap 81:03. Mrs. Deborah-Ann Scott pointed this out at a meeting with Officers at the Ministry of Youth Development and National Service on Monday 1st May, 2023.

Regulation 18 states as follows:

“The annual general meeting, of which at least seven days’ notice shall be given to the members, shall be convened by the Board not later than three months after the report on the audit of the accounts of the society is received by the Board.”

“We have since communicated this information to the Credit Union and have advised that the status quo of the board prior to the meeting should remain. We have also communicated, through the Secretary to the Board, that any decisions taken at this AGM and any pursuant to such a meeting will now be void,” Commissioner Scott advised.

“Based on the foregoing, we have offered Eastern Credit Union clear guidelines and a stipulated period to hold its Annual General Meeting with the requisite notice, in keeping with the Co-operative Societies Act and Regulations,” added Commissioner Scott.

“At this point, I would also like to emphasize that this matter is one of governance and the assets of the Eastern Credit Union are not currently in jeopardy. I would like to assure members, as well, that my Office will continue to work with the ECU towards resolution of this matter,” Commissioner Scott added.

The Co-operative Development Division is a unit within the Ministry of Youth Development and National Service. It regulates and supervises Co-operatives in Trinidad and Tobago in accordance with the Co-operative Societies Act Chapter 81:03 of the Laws of Trinidad and Tobago.