CHAIRPERSON's MESSAGE
SEASONS GREETINGS.
2025 is year of both challenges and opportunities. Everything around us is changing; and at an exponentially faster pace than what we had been used to. For the Co-op, 2025 would be a year of reflection and hope.
There are reasons why we can be hopeful of a better future for the Co-op. We are now able to do more and aim higher; in what we want to achieve as an organisation.
Unlike during the past few years:
a. Our financial statements are unqualified.
b. We are profitable, and our Institutional capital is growing steadily.
c. We are able to offer a respectable compensation for the cost of funds provided by members.
d. Support from members is as encouraging as ever.
e. Our membership grew from 2,603 in 2023 to 2,608 in 2024.
f. Our administrative strength could now cope up with the requirements of being a "Credit Co-operative".
g. We are back to working closely with TRC, the umbrella organisation of the Tamil Community.
Above all, we now have a vision, on taking this organisation on a path that our pioneering leaders would be proud of.
At the upcoming AGM, we will lay the foundation for this vision, by firstly amending our by-laws. Our proposed amendments would be comprehensive; and would eliminate the weaknesses in our old by laws, which had led to waves and waves of conflict/litigation between the COM and the members.
When the proposed By-law amendments are in place, our membership strength would get a boost, as we can be more inclusive in addressing non-citizens and PRs, through admitting them as Associate Members.
As this is a public forum, I must keep my message brief. The Committee and I, look forward to seeing you at the forthcoming 26th AGM of the Society.
In conclusion, I wish to thank our members for their steadfast support; Our Regulator (Registrar of Co-operative Societies), who has provided us enormous support all this time; and our COM members who do not accept any allowance or honorarium for the work they do for the members.
With Best Regards.
R. Kalaichelvan
Chaiperson
13.03.2025