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Co-Operative Societies Act 2008

59. Credit Committee reports

1.     The Credit Committee shall—

a.     meet at least once every month;

b.    keep minutes of its meetings;

c.     submit a monthly report to the Board of directors stating—

                      i.        the number of loan applications received;

                     ii.        the number and category of loans granted;

                    iii.        the security obtained for such loans granted;

                    iv.        details of applications denied, and delinquent loans; and

d.    submit an annual report on the matters referred to in paragraph (c) to the annual meeting of the credit union.

2.     The members of a society may, by special resolution in a special meeting called for the purpose, remove a Credit Committee which fails to comply with paragraph (c) of subsection (1).

Co-Operative Societies Act 2008 Back

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