Lugsam Co-operative Society holds its 49th AGM

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Bylakuppe 30  Sept: Lugsam Co-operative society’s 49th AGM was held at Lugsam co-operative’s community hall on 25th Sept 2013. Kungoe Karma Damdul, Lugsam settlement Representative was the Chief Guest of the AGM. Former Chedue Mr Kunchok Norbu, Bylakuppe BRDL Chairman Mr Tenzin Paljor, FTCI Bylakuppe GM  Mr Nyima Tsering and camp leaders were also in attendance as Special Guests. The inaugural function started with welcome address by Mr Phuntsok Norbu, Co-operative Vice Chairman after lighting butter lamps and offering scarves to HH the Dalai Lama’s portrait. The Vice Chairman then sought approval for amendment of co-operative’s Bye-Law as per the co-operative society’s acts and rules in compliance with state government order.

The report on services rendered by the society through its various sections and overall financial position of the society in the previous year was presented by society’s CEO and Chief Accountant respectively.

After the presentation of financial position of different sections of the society by the respective section head, Mr Pema Delek, Chairman of the society addressed the share members on overall position of the society. He particularly spoke at length on services provided by society through its activities in the previous year and the outcome of the activities undertaken.

Those share members who took active part in AGM by raising questions and sharing opinions for the overall improvement of the society were appreciated.

The Chief Accountant then sought approval for annual budget for the FY 2013-14 from the share members as per the Bye-law. The society is reported to have made a net profit and provision of Rs 42 lakhs in the previous year.  During the AGM, the society awarded cash prize, rice, cooking oil, wheat, maida, incense, and other various items to 51 share members who made maximum purchase and who used maximum services of different sections of the society in previous year. For the benefit of share members, the society gave Rs 1 lakh each to all the society’s 6 camps. In the previous year also, the same amount was given to all the camps.

In his closing address, the Chief Guest Kungoe Karma Damdul, applauded the effort made by Chairman, BoDs, CEO and staff. He emphasised the need to continue the same effort by the BoDs and staff as earlier and requested the share members to take active participation in the society.