Bond

BASCU’s bond covers employees of the media, advertising agencies, public relations firms, cable companies, their spouses and children. BASCU has been an affiliate of the Jamaica Co-operative Credit Union League since September 1952.

Broadcast & Allied Services Co-operative Credit Union Ltd. was registered in August 1952 out of a need to cater specifically to employees of The Broadcast Media of the time. It soon widened its base to include other media houses, advertising agencies and production houses along with the spouses and children of such persons.

Broadcast & Allied Services Co-operative Credit Union Limited came into being 10 years after the establishment of the first credit union in Jamaica in 1942. It was on the 29th May, 1952, 24 members of the staff of Radio Jamaica Limited (then called Jamaica Broadcasting Company) met and decided they would form a credit union for the staff of the radio station. They named it Radio Jamaica Co-operative Credit Union Limited.

The first annual general meeting of Radio Jamaica Co-operative Credit Union was held on 8th September, 1952 and the first board of directors meeting on 12th September, 1952.

Five directors were appointed:

Mr. H.E.M. Edwards – President

Mr. R. Lawrence

Mr. A.B. Forman

Mrs. D. Gayle

Mr. A.L. Hendricks

On 22nd September 1952, the newly formed credit union was accepted as a member of the Jamaica Co-operative Credit Union League.

At the end of the year of inauguration, the share capital of Radio Jamaica Co-operative Credit Union was four hundred and ten pounds and nine shillings sterling and the loan balance was one hundred and eight pounds and six shillings sterling.

There were 49 members.

Of the 49, eleven remained members up to the time of the 22nd Annual General Meeting in 1973, 21 years after the formation. The annual report read at that AGM noted, “The year 1973 marks the coming of age of our Credit Union.”

Broadcast & Allied Services Co-operative Credit Union Ltd. was the new name adopted by the credit union on 2nd January, 1964. The name change became necessary with the expansion of the membership to include members of staff of the newly established government radio station, the Jamaica Broadcasting Co-operation.

Twenty-five years after that first meeting, ten members of the Broadcast & Allied Services were still members and in the intervening period between 1964 and 1977, membership again expanded to include workers from advertising agencies. Presently, workers from public relations and cable companies are eligible to become members.