Members of the Makerere University Multi-Purpose Co-operative Society Limited (MUMCS) held their first Annual General Meeting on 17th October 2014, during which they elected new office bearers. They agreed that all those who were serving on the interim committee retain their positions and the unoccupied positions be filled.
The following are the new office bearers:
- Prof. Barnabas Nawangwe: Chairperson;
- Dr. Muhammad Musoke Kiggundu: Vice Chairperson;
- Dr. Winston Tumps Ireeta: Secretary;
- Dr. John Mulindwa Kitayimbwa: Treasurer;
- Olive Mbabazi: Publicity Secretary;
- Prof. Jacob G. Agea: Chairperson Investments Committee;
Betty N. Kirenga: Chairperson Audit Committee; Scovia Prossy Namuyaba: Chairperson Finance and Administration Committee; Assoc. Prof. Lawrence Mugisha: Chairperson, Credit Committee.
The Chairperson, Prof. Barnabas Nawangwe was optimistic that the cooperative will grow and become a big society in the very near future. 22 of the 51 fully registered members were in attendance. The Secretary, Dr. Winston Tumps Ireeta, reported that the Cooperative had a balance of 9m on its active DFCU bank account. He observed that there is need for more members to join and reap from this highly promising venture. “The process of getting the deduction code for the monthly subscriptions is almost complete. I encourage members to continue paying their monthly subscriptions directly to the bank until the deduction code is fully operational,” he added. Monthly deductions of at least 50,000/= are made by all subscribed members.
In the reactions, members recommended that MUMCS invites resource persons to share key lessons on investments and savings. They also recommended that MUMCS initiates its own rules and regulations and owns an independent office for smooth operations.
The Vice Chairperson, Dr. Kiggundu Musoke, informed the meeting that he was closely following up a request made to His Excellency President Yoweri Museveni to give MUMCS a boost in capital funds. To generate more income for MUMCS, ten thousand (10,000) shares are to be floated each at 50,000/=. These will be available to registered members to buy. MUMCS was started at the beginning of this year, 2014 with the aim of helping Makerere University staff save as well as invest as a community to better their welfare.
To join MUMCS, one is required to first of all be a member of Staff of Makerere University. Secondly, he/she then fills in the application and designation of beneficiary forms. Membership is 50,000/= and one has to buy at least one share at 50,000/=. The forms can be requested from Dr. Ireeta on firstname.lastname@example.org or can be picked from Ms. Olive Mbabazi in the DVC(F&A)’s office.
Article by Seretariat, MUMCS.