- 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 than can be granted with the funds available, preference shall be given to applications for smaller loans if the credit factors are nearly equal.
OUR CREDIT COMMITTEE MEMBERS ARE AS FOLLOWS:
Responsibilities of Supervisory:
The committee members act as internal auditors of the Credit Union. The roles and responsibilities are clearly established in the Bye-Laws which include:
- 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.