Candidate Nomination information booklet for Elected Officials - Revised May 2023 | BPWCCUL 10 Responsibilities of the Credit Committee under the Co-operative Societies Act, CAP. 378A (Section 209) 1) The Credit Committee shall: a) meet at least once every month; b) keep minutes of its meetings; c) submit a report to the Board of Directors stating, I the number of loan applications received, II the number and categories of loans granted, III the security obtained for such loans, IV applications denied, and delinquent loans; and d) submit an annual report on the matters referred to in paragraph (c) to the Annual General 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) Responsibilities of the Credit Committee under the Co-operative Societies Regulations 2008 (Section 28) 1) For the purposes of Section 206 of the Act and subject to the Act and by-laws, the Credit Committee of a Credit Union shall: a) recommend to the Board of Directors policies and procedures to be followed by the Credit Union for approving and granting loans made by the Credit Union; b) monitor, through reports from the Credit Union’s auditor and other officers of the Credit Union, loan procedures used by the Credit Union; c) consider all applications for loans, loan extensions and revisions of the terms of loans that are referred to it by the Board of Directors or an officer of the Credit Union; and d) consider reports of officers of the Credit Union that are submitted to it pursuant to that section 2) The Credit Committee of a Credit Union shall keep a record, with respect to each application for a loan or a renewal or extension of a loan considered by it, of: a) the name of the applicant; b) the amount of the loan applied for or the change in the terms or conditions applied for; and c) whether the application was approved, declined or deferred Duties of the Credit Committee under the Co-operative Societies Act, CAP. 378A (Section 206) The Credit Committee shall: a) consider all applications for loans which are not considered pursuant to section 208(2); b) make recommendations to the Board of Directors in respect of the loan policy of the Credit Union; and c) perform such duties as are prescribed under this Act, the regulations and the By-laws of the Credit Union About the Credit Committee - Co-operative Societies Act, CAP. 378A (Section 205) 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 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 not fewer than three (3)
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