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15 1997

CREDIT UNION ACT, 1997

THIRD SCHEDULE

Credit Committee, Credit Control Committee and Membership Committee

Section 67 .

1. The membership of a credit committee, credit control committee and membership committee shall include at least one director.

2. A credit committee, credit control committee and membership committee shall—

(a) meet as often as necessary to carry out their functions;

(b) submit a written report to the board of directors at each meeting of the board; and

(c) comply with any instruction of the board of directors.

3. A credit committee shall have not less than three members and a member of the credit control committee, the credit control officer or a credit officer shall not be eligible for membership.

4. A credit control committee shall have not less than three members and a member of the credit committee, the credit control officer or a credit officer shall not be eligible for membership.

5. A membership committee shall have not less than one member.

6. If a director of a credit union who is a member of—

(a) the credit committee, or

(b) the credit control committee, or

(c) the membership committee,

ceases to hold the office of a director, he shall thereupon cease to be a member of the committee in question and, if he held the office of chairman, vice-chairman, treasurer or secretary of that committee, he shall also thereupon cease to hold that office.