Candidate Nomination information booklet for Elected Officials - Revised May 2023 | BPWCCUL 11 4) A majority of the Credit Committee, constitutes a quorum 5) Where a vacancy occurs in the Credit Committee, the Board of Directors may fill the vacancy until the next Annual General Meeting of the Credit Union 6) The By-laws of the Credit Union may provide for the election and retirement of members of the Credit Committee in rotation, but in that case no member of the Credit Committee shall be elected for a term of more than three (3) years (Section 208) 1) The Board shall determine the terms and conditions upon which the Credit Committee shall approve loans to members 2) The Credit Committee may, upon such terms and conditions as the Board of Directors specifies, authorize the treasurer, manager or other employee of the Credit Union to approve loans to members 3) Any person authorized by the Board of Directors to approve loans under subsection (2) shall submit a written monthly report to the Credit Committee stating the number of loan applications received, the number of loans granted and the security, if any, obtained for such loans 4) The responsibilities and duties of any person authorized to approve loans under subsection (2) are concurrent with the responsibilities and duties of the Credit Committee Credit Committee Guidelines - Financial Services Commission Each Credit Union is required to implement a policy that addresses the following: 1) Authorised types and classes of credit instruments; 2) Limits and prohibitions on credit exposures, including concentration; 3) Assessment criteria and security requirements for each authorized credit instrument 4) A credit assessment and monitoring system; 5) Defined and prudent levels of decision making authority for approving credit exposures; and 6) Management of delinquent and doubtful loans By-laws Related to the Credit Committee The Credit Committee shall consist of three (3) members, none of whom shall be a member of the Board of Directors, the Supervisory Committee or an officer or employee of the Society (Section 53 (1)) Any vacancy on the Committee shall be filled by the Board of Directors, but such member shall hold office only until the next Annual General Meeting, at which a member shall be elected to fill the vacancy for the unexpired term (Section 53 (3)) The Credit Committee shall hold such meetings as the business of the Credit Union may require but not less frequently than once per month Due notice of such meetings shall be given to other members of the Committee by the Secretary of the Committee (Section 53 (7)] A majority of the Credit Committee constitutes a quorum (Section 53 (8))
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