|
The Board of Directors
- The Board of Directors consists of between 5 and 15 members
- All Directors are volunteers. Directors do not receive any payment for their services to the credit union although expenses are reimbursed for any expenses incurred on credit union business.
- The FSA's Rules for Approved Persons must be complied with.
The responsibilities of the Board of Directors includes:
- Establishing objectives and formulating a business plan.
- Monitoring the financial position of the credit union.
- Preparing and documenting all policies and procedures.
- Directing and co-coordinating the work of all employees and volunteers, and ensuring that they are capable and properly trained.
- Maintaining adequate reserves and provisions for bad and doubtful debts.
- Recommending a dividend on shares to members subject to the credit union's financial position.
- Ensuring that the credit union complies with all statutory and regulatory requirements and compliance with the requirements of its registered rules.
|
