OVER one hundred and fifteen thousand active stake-holders of Eastern Credit Union Co-operative Society Limited will share in a dividend payout of $26m following the adoption of a resolution at the May 13 Annual General Meeting (AGM) at the University of the West Indies (UWI) Sports and Physical Education Complex at St. Augustine.

Additionally, 25,000 borrowers of the institution will receive a five per cent interest rebate based on their prudent use of the resources of Eastern Credit Union in 2005.

These are some of the major decisions that emerged at the AGM which approved the Board of Directors Report, the Education and Bye Laws Committee Review, the financial statements for year-ending 2005 and the 2006 budget.

The projections for 2006 is an asset base of $900m moving from $698m in 2005 and a Group surplus of $40m in 2006 from $26m in 2005.

External Auditors Pannell Kerr Forster was retained for the financial year 2006 as the institution’s auditors.

The AGM was advised that the credit union’s ninth branch will be established in Chaguanas by the end of June 2006, adding to existing locations at Sangre Grande, Arima, Marabella, Tunapuna, St. Joseph, Barataria, Port of Spain and Independence Avenue/San Fernando.

The meeting was also informed that the dispute involving the Board of Directors and the Supervisory Committee has been referred to the Minister of Labour, Small and Micro Enterprise Development -- Hon. Danny Montano, based on an appeal from the Board of Directors.

The arbitration by the minister is expected to be completed in early July, paving the way for the elections of four directors and the five Supervisory Committee Members.

As a consequence, the minister has ruled that the current status quo remains.