Credit Control Committee

Credit Control Committee

Rule 75. Membership and duty in general

  1. The board of directors shall appoint a credit control committee of not less than three members which shall seek to ensure the repayment of loans by members of the credit union in accordance with their loan agreements.
  2. A member of the credit committee, a credit officer, or the credit control officer shall not be eligible for membership of the credit control committee.


Rule 76. Chair and secretary

  1. The credit control committee shall choose from its number a chair and a secretary. The offices of chair and secretary shall not be held by the same person.
  2. The secretary shall prepare and maintain complete records of all meetings of the committee.


Rule 77. Meetings

The credit control committee shall meet as often as necessary to carry out its functions, but not less frequently than once a month. Notice of such meetings shall be given to the committee members in such manner as the committee may from time to time prescribe.


Rule 78. Report to the board

The credit control committee shall:

  • submit a written report to the board of directors at each meeting of the board of directors; and
  • comply with any instruction of the board of directors.


Rule 79. Credit control officer

The board of directors may approve the appointment of a person by the manager, other than a member of the board of directors, member of the credit control committee, or member of the credit committee or a credit officer, as a credit control officer to assist the credit control committee and work under its supervision and control.

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