Get ready for CHS Credit Unionette Quiz! Be Informed!

Last Updated: Tuesday, 09 October 2012 Published: Wednesday, 03 October 2012 Written by Marva Bell

How much do you know about the Credit Union Movement or our own Credit Unionette? Read on and find out.

 

A credit union is a co-operative financial institution, owned and controlled by the members who use its services. The credit union movement began in Germany in 1951.  Credit unions serve groups that share a common bond. The Credit Union prayer is the prayer of St. François Assisi. The principles of the cooperatives are voluntary and open membership, democratic member control, economic participation, autonomy and independence, education, training and information, co-operation among co-operatives and concern for the community. The laws which govern credit union are the Cooperative Society Act. Dominica has the largest penetration of members within the credit union movement

The three elected volunteer bodies of a Credit Union are Board of Directors, Supervisory Committee and Credit Committee. The N.C.C.U is under the umbrella of DCSL-Dominica Cooperative Society League. There are 16 active credit Unions in Dominica. Some credit unions in Dominica include St. Mary’s Cooperative, Calibishe, Castle Bruce, Central, Grand Bay and Marigot. Co-operatives in Dominica include Bay oil, Fishery and leather craft cooperative. The Credit Union is a service co-operative. The formal Inauguration Ceremony was held on November 25, 2010 on Independence Street in front of the Society’s Head Office and Roseau Branch. Pioneers who received a National Day Award are Edward Elwin, Shand Jolly and Ambrose Cuffy. The main office of the South-Eastern Co-operative Credit Union is located in Laplaine.

The N.C.C.U better known as the National Cooperative Credit Union is a Financial Cooperative situated on Independence Street, Roseau, Dominica. The NCCU was named after the pioneer Edward Elwin. Credit Unions emerged on the local scene at a time when socio-economic conditions were at low ebb. The NCCU offers a number of plans to assist its members including Family Indemnity Plan (F.I.P), Bereavement Benefit Plan (BBP), and Membership Retirement Account (MRA). The exact date of registration of the NCCU was October 29th 2012. The NCCU was recently amalgamated on November 1st 2010 with many Credit Union including St. David’s, La Salette, Veille Case, and St Paul. There are 13 persons on the credit committee of the NCCU. The role of the Credit Committee is to administer loans. There are 15 volunteers of the Board of Directors of the NCCU. The 2012 Merit Scholarship recipient of the Merit Scholarship is Selena Pacquette.

With the assistance of stalwart pioneers, including Edward Elwin, Joffrey Robinson, Cuthbert Sweeney, and Theophile Waldron (deceased), credit unions were soon formed at Portsmouth, Pottersville (St. Alphonsus), Calibishie, Marigot, Vieille Case, Mahaut-Massacre (St Paul), and Pointe Michel (La Salette) by 1955. The president of the board of directors of the NCCU is Dexter Ducreay. The Chairman of the NCCU of the supervisory committee is Mrs. Linda Gonzalez-Peltier John. Mr. Aylmer Irish and Mr. Mc Dowill Paul were appointed to act in the offices of Chief Executive Officer and Branch Manager of Roseau respectively. Garth Joseph is the Manager of the La Salette Branch of the NCCU. The manager of the St Paul’s Branch of the NCCU is Ms. Valda Sweeney. The Central Cooperative Credit Union Portsmouth Branch building is named after Theopile Waldron.

The present President of the BOD of the NCCU is Mr. Dexter Ducreay while the first President of the Dominica Cooperative Society League is Mr. Edward Elwin. The name of the DCSL building is named after Sister Alicia.

Active volunteers of Credit Union at CHS include Ms Prentice, Mrs. Dublin and Ms. Nadette Williams. Besides the Convent High School, other schools involved in co-operative movement are Pierre Charles, Portsmouth and Castle Bruce. The current president of the CHS Credit Unionette is Devi St. Luce and the current vice-president is Kazia Scotland.

The 10th OECS Credit Union Summit was held in Dominica this year under the Theme: “Co-operatives the Engine of Growth in Tough Economic Times.” August 22—25, 2012. The summit took place at the Ross University School of Medicine at Picard, Portsmouth. Three students who attended the summit were Marva Bell, Devi St Luce and Shanice Isidore. The 9th OECS Credit Union Summit was held in Grenada. The Caribbean Confederation of Credit Unions (CCCU) was established on 17th August 1972 in Dominica.

A delinquent is person who fails to pay loan on time. A dividend is the distributed profits of a company quoted on the securities exchange. Shares are money invested by members which cannot be withdrawn into their Credit Union which forms part of the capital of that Credit Union. The shares in a credit union are classified as permanent shares. Permanent shares are permanent assets of the society. The value of a share is $50. The maximum dividend a credit union can offer its member is 5 percent. IAS stands for International Accounting Standards. At a credit union, two categories of loans are productive and providence. The Annual General Meeting is the yearly gathering of a credit union membership. IFRS stands for International Financial Importing Standards.

 

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