The St. Vincent Automotive Co-operative Society Ltd. was registered on April 14, 1969 as a Co-operative Society. The entity trades under the name ‘Auto-Co-op’ and its primary business activity is the sale of petroleum products. Membership of the society is open to the general public regardless of race, gender, religion, political or other affiliation. Any person can become a member as long as he/ she agrees to abide by the bye-laws and comply with the requirements of Bye Law 5 which, inter-alia, states:
- He/she must be of good character and not less than sixteen years of age.
- That an entrance fee of twenty five dollars must be paid.
- He/ she must be a citizen or resident of St. Vincent and the Grenadines; and
- Not adjudged to be bankrupt.
How to Apply?
To apply for membership, a person must first complete an ‘Application for Membership’ form and submit same to the office for approval by the Board of Directors. Shares are sold at $5.00 each and the minimum number required for membership is forty (40). An entrance fee of $25.00 is also charged. These one-of payments are payable after approval for membership has been granted. It must be noted that additional shares can be purchased with the approval of the Board of Directors. The time taken for processing an application is usually about one month.
Benefits of Membership
There are three main benefits of being a member: Members are entitled to share in the pro ts of the society through dividends and rebates on purchases.
Members may apply for credit status with the society subject to certain conditions as outlined in our credit policy. Members can participate in the management of the society by serving on the Board of Directors or any committee.
The St. Vincent Automotive Co-operative Society Ltd. is referred to as a ‘non- financial co-operative’ and is part of the wider co-operative family which includes financial co- operatives (such as credit unions) and other non- financial co- operatives. The co-operative sector is sometimes referred to as the third pillar of the economy after the public and private sectors. The main co-operative philosophy embraces the idea of people helping people by working collaboratively to achieve their aims and objectives.