GECCU takes over two smaller credit unions

Two smaller credit unions here have been amalgamated with the General Employees Cooperative Credit Union (GECCU).{{more}}

The Financial Services Authority (FSA), in a notice published on January 7, said effective December 31, 2013, the registrations of the Unity Labour Party Co-operative Credit Union (ULPCCU) and the Georgetown Mt. Coke Methodist Circuit Co-operative Credit Union (GMCMCCU) have been cancelled.

These credit unions therefore no longer exist.

According to the notice, the assets and liabilities of ULPCCU and GMCMCCU have been transferred to the General Employees Co-operative Credit Union (GECCU), effective January 1, 2014.

The notice from the FSA said ULPCCU and GMCMCCU have consented to this reconstruction exercise, in accordance with section 147 (1) of the Co-operative Societies Act No. 12 of 2012.

Members of the ULPCCU and the GMCMCCU are now members of the GECCU and are therefore entitled to all the rights and benefits of membership of GECCU, the notice said.