Monday notes

TOPIC: Our Nation

SUB-TOPIC: Definition of Cooperatives
History of Cooperatives
Co-operatives takes place when two or more persons work together towards a
common goal.
History of Cooperatives
The Amerindians were the first set of people that came to Guyana and they
practice cooperatives when harvesting and building homes.
The Africans who were freed slaves who pooled their resources and bought a
number of plantations which they began to operate and manage.
History has recorded how they took the money they had managed to save in
wheelbarrows to pay for the land they purchased. These plantations bought by
the ex-slaves in the 1830s and 1840s were the first cooperatives in Guyana.
The other ethnic groups also practice cooperatives in Guyana. They develop
the villages that they live in.
Amerindians practiced cooperation in their villages and still do today.
Tuesday Notes
TOPIC: Our Nation
SUB-TOPIC: Cooperative Society.
History of Co-operatives Societies
On May 8th, 1948 the Co-operative Societies Act of British Guiana was passed.
Today there are many registered co-operative societies in Guyana. The aim of
these societies is to improve the living conditions of members.
What are Co-operatives?
Co-operatives are voluntary business organizations formed by people. Their
aim
is to provide goods and services cheaply and easily for community members.
Facts about Co-operative Societies.
• Any seven (7) persons or more can form a co-operative society.
• In a Co-operative Society no member can have more than one vote
regardless of how much money he/she puts into the society.
• Only the Registrar of Co-operatives can register a Co-operative Society.
•No person or group of persons should use the word 'Co-operatives' in his
business unless it has been legally registered.
Types of Co-operatives Societies
1. Financial and credit co-operative e.g Credit union, school thrift societies.
2. Agricultural Production Co-operatives
3. Consumer C-operatives
4. Retail and distribution co-operatives
5. Service co-operatives.
In 1951 the Government through the Education Ministry started co-operatives
in
schools. These schools were Philadelphia Church of Scotland School, East Bank
Essequibo, St. Swithin's Anglican School, Vreed-en-Hoop and St. Ann's
Anglican,
Agricola. These co-operatives were successful. Since 1957 there have been
School Co-operative Thrift Societies in many schools throughout Guyana.
School Co-operative Thrift Society
Members of a School Co-operative Thrift Society are pupils from Grades 2 to 6,
of a school which has a School Co-operative.
Who runs the School Co-operative Thrift Society?
A School Co-operative Thrift Society is managed by the members of the
society.
The School Co-operative Thrift Society is supervised by a Teacher Officer.
The members of the Society elect the officers who manage the co-operative.
These officers are the Chairman, the Secretary and the Treasurer.
Types of savings in a School Co-operative Thrift Society.
There are two types of savings:
Ordinary Savings are withdrawn only when a pupil leaves the school.
Special Savings are withdrawn periodically for special reasons. For example, to
purchase text books or uniforms of payment for examination fees.
The funds of the society are deposited in the name of the school co-operative
at a commercial bank. The trustees- Chairman, Secretary and Treasurer
operate
the bank account on behalf of the members.

Additional Reading materials on Cooperatives

TOPIC: Our Nation

SUB-TOPIC- Cooperative Society
Credit Union (Co-operative Society)
A Credit Union is a group of people with something in common. The members
agree to save money together and lend money to each other when needed.
Co-operative Credit unions have a long and honourable history. They have
been described as unique depository institutions, created not for profit but to
serve members as credit cooperatives by the provision of loans at low interest
rates.
They are traditionally democratically governed, each member having one vote
with a member-elected board of directors and membership is voluntary.
They have been described as the people’s banks. In Guyana, they have
provided a means whereby workers can contribute an amount each month to
a fund administered by a committee appointed by those workers. That
committee from time to time on application by workers makes loans to them
from the fund.
Perhaps the biggest credit union in this country, the Guyana Public Service
Cooperative Credit Union Limited, was established in 1963 and is registered
under
the Co-operative Societies.
Members of Credit Union
Members of a Credit Union must have a common bond. They may be
employees of the same establishment e.g.
1. The Guyana Defense Force Credit Union. They may be members of the
same church e.g. The St. James the-Less Credit Union.
2. They may be members of a particular Trade Union e.g. The Guyana
Teachers Co-operative Credit Union - Reg. 39.
1. The Guyana Public Service Credit Union, Amalgamated Transport and
General Workers Credit Union Reg. 749.
How the members save
Savings is done by investing in shares on a weekly or monthly basis. Some
persons give permission for their savings to be taken out from their salary.
How members get loans from the Credit Union
(i) A member must save regularly in the society.
(ii) Two members of the same society must sign as guarantors.
(iii) The member must satisfy the committee of management that the loan
would be used for anything for himself/herself and/or the total welfare of his
or
her immediate family.
(iv) Repayments of loans are easier.
(v) There is no long waiting for loans. Some Credit Unions provide scholarships
for
members or their children.
Banks and Co-operatives
The Guyana National Co-operative Bank was established on 24TH February,
1970.
Two other banks were also established. They were the Guyana Co-opeative
Mortgage Finance Bank and the Guyana Agricultural Co-operative
Development Bank .These were set up in order that these co-operative could
borrow enough money to operate effectively.
Training in Co-operatives
There are also places of training to train persons to manage these
cooperatives. These are the Kuru-Kuru Co-operative College which was
established in July, 1973 and the Co-operative Training Institution. The Kuru-
Kuru
Co-operatives College is found on the Soesdyke-Linden Highway. Students are
able to live there while they receive their training.
Guyana: A Co-operative Republic
A major achievement in co-operatives took place on the 23rd February, 1970
when Independent Guyana was declared a Co-operative Republic.
Cooperatives were introduced in all activities in different parts of the country.
The
introduction of Co-operatives in all parts of Guyana was to encourage
Guyanese to take part in making decisions, to help develop Guyana.
Facts on Co-operatives
 Co-operative institutions are essential, particularly to the village
movement, and the supporting of small businesses, however, they must
take up strict guidelines that needs to be respected by its participants, if
they are to survive and thrive.
 Cooperatives are considered an engine for affording opportunities for
those who may not be able to access financing otherwise.
 In Guyana, plantations bought by ex-slaves in the 1830s and 1840s are
considered to be the first form of cooperatives.
 The buying of the plantations also marked the start of the village
movement. Immediately post slavery, the freed Africans came together
and pooled their pennies, carrying them in wheelbarrows, buckets, and
any available container to purchase plantations and convert same to
villages, which they owned together.―Cooperativism was the salvation of
village organisations.
 Credit unions, box hand, co-operative societies, and penny banks are
some forms of co-operatives in Guyana .
 Co-operativism in Guyana took off in the 1970, and played a part in the
country being named a Co-operative Republic.
 Hundreds of co-operative societies were established to support the
farming, agro-processing, consumer marketing, and the transportation
sector, reaching as many as 1440 cooperative societies in 1989.
 However, following an assessment by the Ministry of Social Protection in
2016, it was revealed that of the 1268 cooperative societies registered,
only approximately eight per cent were functioning in an accountable
manner.
 Many were plagued with issues of lack of accountability and
transparency. Several state institutions were also set up including the
Guyana National Cooperative Bank (GNCB), which was sold in 2002 to a
commercial bank.
 There were also the Guyana Agricultural and Industrial Development
Bank (GAIBANK), which was closed in the early 1990s, and there is the
Kuru-Kuru Co-operative College, which still remains in operation.
 Many of the institutions were set up to support persons with finances in the
acquisition and ownership of land, education, homes, vehicles, business
and other forms of investment.
 ―Co-operatives are important for farming, marketing, exportation, getting
raw materials and commodities, fertilizers etc.
 Over the past few years there have been steps to reinvigorate
cooperatives in Guyana. In 2017 the Guyana National Cooperative Union
Limited was resuscitated, which is responsible for overseeing the cooperative
movement in Guyana.