The Role of the Board of Directors​

​

The Board is comprised of twelve {12} members elected at the Annual General Meeting to serve for a term of three [3] years. Its first meeting must be held within fourteen days {14} after the A.G.M, the President, Vice President, Secretary and Treasurer shall be elected at that first meeting.

The Board shall also appoint an Assistant Secretary, {see bylaw no 26: page 18}.

​

Some Duties of the Board are as follows:

• Approve applications for new members

• Determine the maximum amount which may be afforded to a member above the normal loan policy

• To have charge of investments, other than loans to members and all properties of the society

• To designate the bank or banks in which funds of the society shall be deposited

• To fix the amount of the bond or fidelity guarantee for all financial officers

• To appoint the Education, Nomination, and Property Committees according to the by-laws

• To formulate policies for the Societies operations

• To elect the Executive Committee of the Society 

​

It is important to highlight some proper criteria for all prospective Board & Committee members.

• Honesty, Integrity, Fairness, Reputation, Competence, Diligence, Commitment & Soundness of Judgment.

• In addition, there must be no evidence that he or she has committed any offence including fraud, violence, business practice that appears to be dishonest or oppressive.