Mon Repos Co-operative Credit Union - Micoud, Saint Lucia

The Mon Repos Community Co-operative Credit Union was first registered on May 22nd, 1968. This entity evolved from a 1963 group called The Mon Repos Community Co-operative Group.
In the year 2000 after the passing of the Co-operative Societies Act, new bye-laws had to be made; the organisation requested a change of name to Mon Repos Community Co-operative Credit Union (1968) Ltd and also requested from the registrar that the original registration number (4) from 1968 was maintained in the re-registration exercise that followed the new Act. The registration (4) indicates that Mon Repos was the 4th Co-operative Enterprise registered in St.Lucia.
In September 2001, after discussions with the registrar to offer assistance to the management of the insolvent Micoud Credit Union, the registrar  

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appointed the Board of Directors of Mon Repos Community Credit Union (1968) Ltd as Receiver Manager of the Micoud Co-operative Credit Society Ltd.
The Board accepted the responsibility and worked diligently between 2001 and 2005 to return Micoud Co-operative Credit Society Ltd to profitability. However, the Micoud Co-operative Credit Union lacked the capacity to continue on the path set and independently manage its survival. Therefore, the Mon Repos Credit Union suggested to the registrar a “takeover” or amalgamation.
To facilitate the transfer of the assets and liabilities of Micoud to Mon Repos and to create a more open receptive name to the members of the former Micoud Co-operative Credit Society Ltd, the Directors of Mon Repos requested another voluntary change of name.
Seeing the success or potential of the amalgamation the manager advised that the bond of the institution be opened to persons along the entire East Coast. The ensuing debate brought about a compromise that the name be changed to our vision of serving the East but with retention of Mon Repos in the name to identify with the longevity and relative success of Mon Repos hence, Mon Repos Eastern Co-operative Credit Union (1968) Ltd.