Based on the Co-operative Societies Act No: 12 of 2012 which took effect on 4th September 2012, it was essential to further restructure the capital structure of GECCU to comply with the relevant provisions of the said Co-operative Societies Act.

In the provisions of Part V of the said Act, it became necessary for GECCU to have at least 2 classes of Shares namely Qualifying and Equity Shares.

At the 48th AGM held on April 29th 2014, a resolution was accepted for the implementation of these two classes of Shares (Qualifying and Equity) and to reflect these changes by amending GECCU’s Bye-laws.

Qualifying Shares – these shares are required for membership in GECCU. They represent ownership of your Credit Union.

Qualifying Shares – all members are required to purchase a minimum of 100 shares at a value of $1.00 per share. These shares allow a member to access all of the services and benefits offered by GECCU, such as loans, voting at the Annual General Meetings and scholarships.

A member is required to purchase a minimum of 50 Equity Shares at a value of $1.00 per share ($50) per annum ($4.17 per month).

Equity Shares are non-withdrawable but redeemable in accordance with GECCU’s bye-law at par value of EC$1.00 per Equity Share. They cannot be withdrawn except in the case of death or cessation of membership.

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