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Co-Operative Societies Act 2008

56. Credit Committee

1.      Every credit union shall have a Credit Committee which shall be elected by its members at the annual general meeting.

2.      The members of a Credit Committee shall hold office for such term as the by-laws provide and until their successors are elected.

3.      The Credit Committee shall consist of the number of members fixed by the by-laws, which shall be no fewer than 3.

4.      No person who is a member of the Board or of the supervisor committee or who is an employee of the credit union shall be a member of the Credit Committee.

5.      A majority of the Credit Committee, not including the secretary or treasurer, constitutes a quorum.

6.      A member entitled to vote at an election of members of the Credit Committee, if he votes, shall cast thereat a number of votes equal to, or less than, the number of members of the Credit Committee to be elected, and the member shall distribute the votes among the candidates in such manner as he sees fit, but no candidate shall receive more than one vote from each member.

7.      Where a vacancy occurs in the Credit Committee, the Board of Directors may fill the vacancy until the next annual meeting of the credit union.

8.      The by- the credit union may provide for the election and retirement of members of the Credit Committee in rotation so that no member of the Credit Committee shall be elected for a term of more than 3 years but no person may serve as a member of the Credit Committee of a society for more than 2 consecutive terms or an aggregate of 6 successive years.

Cooperative Societies Act, 2008 Back

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