Why should I consider joining the Board of Directors, Supervisory Committee, or Credit Committee at Textel Credit Union? 🤔

Serving on these committees at Textel Credit Union is not just about fulfilling a role; it's about being part of something meaningful. You'll have the opportunity to contribute to the Credit Union's governance, be recognized for your service, and network with other members of society. 🌟

Are these roles compensated, and what advantages do they offer? 💰

While these are stipend roles, the benefits extend far beyond financial compensation. Serving on committees allows you to make a real difference, bring new perspectives, and actively participate in shaping the future of the Credit Union. It's a chance to enhance your leadership skills, broaden your network, and gain valuable experience in various areas. 🚀

How do I apply for nomination to these committees? 📝

Submit your application on the approved Nomination Form to the Nominations Committee. Ensure your application is received in a timely manner, and if nominated, make it a priority to attend the Annual General Meeting (AGM). If unable to attend, a written acceptance must be submitted before voting. 🗳️

What are the eligibility criteria for committee nominations? 🤷‍♂️

To be eligible, you must be at least 18 years old, an active and non-delinquent member who meets the "Fit and Proper Criteria." This includes having no criminal convictions, bankruptcy, or previous issues with a Credit Union's license revocation. Commitment to generously giving your time is also crucial. ⏳

What are the "Fit and Proper Criteria" for committee members? 🤔

The criteria include honesty, fairness, integrity, good reputation, competence, diligence, capability, sound judgment, and financial soundness. Candidates should also have professional skills in areas such as finance, human resources, information technology, legal services, leadership, marketing, and risk management. 🎓

How can my professional skills benefit the Credit Union? 💼

Applicants with professional skills in finance, accounting, human resources, information technology, legal services, leadership, marketing, and risk management will be considered assets. These skills contribute to the overall effectiveness and success of the committees. 🌐

What is the screening process for committee nominations? 🔍

A screening exercise may be conducted as necessary to ensure nominees align with the criteria. This process helps maintain the highest standards of honesty, competence, and integrity among committee members. 🛡️

Feel free to reach out if you have additional questions or if you're ready to make a meaningful impact by joining one of Textel Credit Union's committees! 🌟

 

The Board of Directors of Textel Credit Union Co-operative Society Limited is entrusted with significant powers and duties to ensure the effective governance and management of the credit union. Key responsibilities include: 🌐

1. Appointment and Management:

   • Appoint, suspend, or dismiss the Manager and other paid employees. 🤝
   • Contract loans, authorize expenditures, and appoint agents for the society. 📄
   • Ensure accurate financial record-keeping and submit statements of accounts and balance sheets for audit. 📊

2. Decision-Making:

   • Make decisions on membership applications. ✅
   • Develop and approve plans of operation and budgets. 📈
   • Address and resolve complaints. 🤝

3. Representation and Contracts:

   • Appoint members to represent the society at external meetings. 🌐
   • Enter into contracts on behalf of the society, with signatures of the President and Secretary. 🤝🖋️

4. Financial Matters:

   • Determine interest rates on savings, deposits, and loans. 💰
   • Recommend dividends and/or rebate of interest to members. 💸
   • Formulate loan and other policies. 📝
   • Manage investments other than loans to members. 📈

5. Committee Appointments:

   • Appoint an Education Committee. 🎓
   • Designate banks for depositing society funds. 🏦
   • Establish necessary sub-committees and determine their terms of reference. 📜

6. General Management:

   • Take measures for the good management, supervision, and administration of society affairs. 📊
   • Ensure prudence and diligence in the conduct of society affairs, adhering to applicable laws and regulations. 📚

7. Rules and Ratification:

   • Create rules for society affairs, subject to ratification by members in a General Meeting. 🗳️

8. Review and Amendments:

   • Review Bye-Laws annually and propose amendments if necessary. 🔄

9. Legal Responsibilities:

   • Act with prudence, diligence, and responsibility, avoiding negligence or acts contrary to applicable laws and regulations. ⚖️

 

The Supervisory Committee is tasked with: 🕵️‍♂️

• Conducting semi-annual examinations of society affairs, including audits. 🔍
• Submitting audit reports at regular and annual General Meetings. 📄
• Suspending Board or Committee members by unanimous vote, if necessary. 🚫
• Convening special general meetings for member decisions. 🗳️
• Attesting the monthly financial statement. 📅

 

The Credit Committee oversees: 👩‍⚖️

• Approval and supervision of all loans to members. 📋
• Consists of five elected members. 🤝
• Weekly meetings to adhere to loan policies. 📅
• Careful examination of financial positions of borrowing members. 🔍
• Monthly reporting of activities to the Board. 📊