Last November 20 (Friday), 127 leaders representing 110 savings groups attended the organizational assembly of the cooperative in Hlaing-bwe. The general assembly signaled the final activity in the cooperative formation process that started in April early this year.
Dr. Than Naing of CDA and U Lin Khaing of UCS during the general assembly
The assembly formally agreed to form and register a cooperative. A nine-man Board of Directors (BOD) together with two (2) internal auditors were elected. They met after the assembly and elected as the first set of officers of the cooperative:
Chairperson U Lwan Kyin
Vice chairperson U Yan Ngwe
Managing Director U Hla Win
Secretary U Thit Sar Aung
Assistant Secretary U Thein Zan
Members U Saw Ba Nyunt, U Aung Shwe Yin, U Hla Kyaing, U Khin Win
Auditors U Saw Win Sein, Daw Khin Saw Myint
Casting votes on the BOD members, deciding on other issues by voting
Among the other decisions of the assembly were:
Name of the cooperative Bawa Yae Thouk Myit
Total capital K100 Million
Amount per share K5, 000
Four hundred thousand Kyats (K400, 000. equivalent to US$315.) were also collected during the assembly as members started paying for their shares.
The Board of Directors
PFA and CDA technical people are now assisting the leaders in preparing documents and other requirements for submission to the Ministry of Cooperatives for registration.
An introductory leadership training will be conducted on December 7-8 to orient the new members of the BOD on their roles as leaders of the cooperative.
First meeting of the Board of Directors