Our Structure

CREDIT UNION PLEDGE OF SECRECY

To ensure confidentiality of members business, all directors, volunteers and staff must sign a pledge of secrecy concerning all credit union matters.

BOARD OF DIRECTORS

At the AGM the members elect the directors who will manage the credit union for the next year. Only full members may be nominated to serve as directors. This democratic election of directors is your first opportunity to take an active part in the management of your credit union. Every member has a duty to take part.

The newly elected board of directors must meet after each annual general meeting to appoint an executive committee comprising of chairperson, vice chair honorary secretary and honorary treasurer and its committees to enable the work of the credit union to proceed smoothly until the next general meeting of members.

CREDIT COMMITTEE

Often referred to as the heart of the credit union. This committee is made up of members who have been elected as directors at the AGM. They are ordinary members who give freely of their time to ensure each loan application is considered fairly and sympathetically and in strict confidence. Each loan is tailored to suit the members circumstances and must comply with the rules and the loan policy approved by the board of directors.

SUPERVISORY COMMITTEE

This committee is directly elected by the members at the AGM to monitor the work done by the directors and the various committees. Their function is to ensure the security of the members' savings by checking the books and records of the credit union.

Any member may contact this committee for any reason they are unhappy with the working of the credit union. The committee has specific duties under the law which include checking members pass books, preparing bank reconciliation's and reporting to the members at the Annual General Meeting.


OTHER COMMITTEES

The credit union may appoint other committees such as a Credit Control Committee - to ensure that loans are repaid as promised.

Training and Promotion Committee - to inform members and potential members about credit union membership and its benefits.

THE TREASURER

While each director shares equally the management responsibility the treasurer is normally appointed to look after the day to day operation of the credit union. The treasurer may be paid an honorarium for the extra duties performed. All other officials of the credit union by law must serve without pay. They must all be unpaid volunteers. This also applies to the members of the committees that are a part of every credit union. As the credit union grows it may become necessary to employ staff to operate the credit union.