PSCU has three statutory committees: the Supervisory, Credit and Education Committees, consisting of members elected at the Annual General Meeting (AGM) by the Credit Union membership. These Committee members cannot serve on any other committee.
The Committees comprise of Chairman and Secretary chosen by the Committee. The Secretary maintains records of committee’s actions.
The Credit Committee is elected annually at the Annual General Meeting (AGM). The committee comprises of five (5) members. Each member serves a ?? year term of office. The Credit Committee is entrusted with the statutory authority of the granting of loans to members in accordance with policies established by the Board of Directors.
The authority may be delegated to the Chief Executive Officer and other staff as detailed in the Loans Policy. They are also charged with the responsibility of reviewing loans granted by delegated authorities.
The committee shall inquire carefully into the financial position of borrowing members and their endorsers, so as to ascertain their ability to repay fully and promptly the obligations assumed by them.
The authority may be delegated to Loans Officers appointed by the Board.
The Credit Committee shall have the authority for granting of loans.
When there are pending loan applications that can be granted with the funds available, preference shall be given to applications for smaller loans if the credit factors are nearly equal.
The Supervisory Committee is elected at the Annual General Meeting (AGM). The Committee comprise of five (5 members. Each member serves a ?? year term of office. The Supervisor Committee is entrusted to audit the financial and operational areas of the Credit Union and report its findings at the Annual General Meeting.
To conduct an examination of the affairs of the Credit Union, including its books. This should be done semi-annually.
To produce and submit an annual report of its audit at the Annual General Meeting.
To attest to the monthly financial statement prepared by the Treasurer or Manager of the Credit Union.
The Education Committee consists of five (5) persons selected by the Board at their first meeting and these appointees may be drawn from the general membership of the Credit Union. The Chairperson of the Education Committee is always the Vice President.
According to the Bye-Laws, the committee members are in charge of publicity and education for the membership, and in particular education in the philosophy of co-operativisim.
PSCU’s membership offers the most affordable options to help you save, borrow, and manage your finances.