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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).

Cooperative Societies Act, 2008 Back

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