NOMINATIONS NOTICE – MARCH 26th, 2025
Dear Valued Members,
TEXTEL Credit Union Co-operative Society Limited is inviting applications from members in Good Financial Standing who are interested in volunteering to serve on:

📌 APPLICATION REQUIREMENTS
- ✅ Complete the entire form
- ✅ Submit a brief resume 📝
- ✅ Provide a passport-size photograph 📷
- ✅ Ensure Recommender & Seconder are in Good Financial Standing 💰
- 📅 Deadline: Submit by 3:00 PM on April 16, 2025 ⏳
- 📩 Submit to:
- 📧 Email: nominations@textelcu.com
- 🏢 In-person: TEXTEL Credit Union office
READY TO SERVE?
DOWNLOAD NOMINATION FORM Complete & Submit by April 16, 2025GUIDELINES FOR THE NOMINATION PROCESS

BYE-LAWS OF TEXTEL CREDIT UNION CO-OPERATIVE SOCIETY LIMITED
29. NOMINATION COMMITTEE
(a) The Board may appoint a Nominating Committee comprising of not more than five (5) members of the Society whose duty shall be the selection of qualified members who are willing to be considered for election to the Board, Supervisory Committee or Credit Committee by the annual general meeting.
(b) There shall be no nomination from the floor except in the case where such nomination is deemed necessary for the proper constitution for the Board, Supervisory or Credit Committees.

SUPERVISORY COMMITTEE DUTIES AND RESPONSIBILITIES
The Supervisory Committee (Internal Audit Committee) is elected annually by the members of the credit union for the purpose of supervision.
The Internal Audit Functions of the Society are performed mainly by the members of the Supervisory Committee guided by Regulation 50 (3)(c)(ii) & 50 (3)(d) of the Co-operatives Societies Act Chap: 81:03 and the Bye-Laws of the Society.
- The members of the Supervisory Committee shall keep themselves fully informed as to the financial condition of the Society by examining, at least every six months, the share and deposit accounts and loan balances, the securities, cash, and accounts, and loan applications made during the examination period.
- Ensure that the credit union's Board of Directors and senior management fulfill their responsibilities in the interests of members, and operate according to sound business, ethical, and regulatory standards:
- Review operations/programmes to ascertain whether results are consistent with established objectives and whether the operations/programmes are being carried out as planned.
- Evaluate the adequacy of the system of internal controls.
- Make recommendations for improvement.
- Help the credit union succeed through reporting and assurance.
- Review member complaints impartially and independently.
- Perform annual audits, member account verification, and periodic internal audits:
- Verify the existence of assets and recommend proper safeguards for their protection.
- Investigate reported occurrences of fraud, embezzlement, theft, waste, etc.
- Examine financial information.
- Provide an independent, objective, and constructive view of governance, risk, and controls.
- Make an annual report of its audit and submit the same to the Annual General Meeting of the members.
- Assist the Board of Directors in ensuring that there is compliance with rules and regulations in respect of Ethics, Independence, Conflict of Interest, and Anti-Money Laundering Laws:
- The Co-operative Societies Act & Regulations 81:03.
- The Society's Bye-Laws.
- Financial Intelligence Unit Act.
- Finance Act.
- National Insurance Board Act.
- Industrial Relations Act.
- Green Fund Levy.
- Remain current on all personal credit obligations with the Society.
READY TO SERVE?
Complete & Submit by April 16, 2025 DOWNLOAD NOMINATION FORM
BOARD OF DIRECTORS DUTIES AND RESPONSIBILITIES
- The Board is tasked with establishing policies that guide the credit union's operations and ensure compliance.
- Board members must identify and mitigate risks to protect the credit union and its members.
- Keep up-to-date with regulatory changes and market trends.
- Monitor financial performance, credit, market, and reputational risks and oversee the implementation of risk management frameworks.
- Ensure the financial health of the Credit Union by:
- Reviewing and approving the budget.
- Maintaining adequate capital reserves and operating within regulatory guidelines.
- Ensuring adequate insurance coverage and contingency plans are in place.
- Act in the best interests of the membership.
- Avoid conflicts of interest and disclose any potential issues promptly.
- Uphold the confidentiality of sensitive information.
- Ensure transparency in all board decisions and actions.
- Participate in training programs and industry conferences and serve as ambassadors for the credit union, promoting its mission and values.
- Remain current on all personal credit obligations with the Society.
READY TO SERVE?
Complete & Submit by April 16, 2025 DOWNLOAD NOMINATION FORM
CREDIT COMMITTEE DUTIES AND RESPONSIBILITIES
- The Credit Committee shall be responsible for the approval or disapproval and general supervision of all loans to members.
- The Committee shall meet not less than once a week and act in accordance with the loan policy set down by the Board. Additional meetings shall be held from time to time as business may require.
- Rule on each application solely based on a member's creditworthiness and ensure that no one is being discriminated against.
- Grant sound loans protecting the overall financial stability of the credit union.
- Promote thrift and wise credit management.
- Review and recommend changes in policy, procedures, and underwriting guidelines to the Board.
- Knowledgeable on collateral and securities.
- Report to members at the Annual General Meeting.
- Ensure compliance with laws and regulations (Co-operative Societies Act, Financial Intelligence Unit (FIU) Obligations, and Bye-Laws, etc.).
- Serve as a court of appeals for members who dispute their loan decision.
- Promote or provide financial counselling as needed.
- The Committee shall perform such other duties and responsibilities as may be directed by the Board.
- The Committee shall submit a monthly report of its activities to the Board and a yearly report to the Annual General Meeting.
- Remain current on all personal credit obligations with the Society.
READY TO SERVE?
Complete & Submit by April 16, 2025 DOWNLOAD NOMINATION FORM
ELIGIBILITY REQUIREMENTS: BOARD, CREDIT & SUPERVISORY COMMITTEES
- A member offering himself/herself for office:
- Must be an active member in good Financial Standing.
- Must be no less than 18 years of age.
- Must not be a delinquent member.
- Must meet the "Fit and Proper Criteria" (See below).
- Be prepared to give generously of his/her time to attend meetings and the attendant business of Board and Committees; to attend Seminars and Training Programmes; to attend and participate at meetings and events of the Credit Union Movement and other associated agencies.

FIT AND PROPER CRITERIA
Board members and Officers must meet and maintain the following "Fit and Proper Criteria":
- Honesty, fairness, integrity, and good reputation.
- Competence, diligence, capability, and soundness of judgment.
- Financial soundness in the management of his/her own financial affairs.
- With regard to business activities of the member, there must be no evidence that he/she has:
- Committed any offence involving fraud, violence, or dishonesty.
- Been engaged in business practices that appear to be deceitful, oppressive, or improper or otherwise appear to discredit the method used in conducting business.
- Any employment record showing that he/she carried any act of impropriety in handling employer's business.
- Been engaged or associated in business practices or conduct in such a way as to cast doubt on his/her competence and soundness of judgment.