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THIRD SCHEDULE
Credit Committee, Credit Control Committee and Membership Committee
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Section 67
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1. The membership of a credit committee, credit control committee and membership committee shall include at least one director.
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2. A credit committee, credit control committee and membership committee shall—
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(a) meet as often as necessary to carry out their functions;
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(b) submit a written report to the board of directors at each meeting of the board; and
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(c) comply with any instruction of the board of directors.
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3. A credit committee shall have not less than three members and a member of the credit control committee, the credit control officer or a credit officer shall not be eligible for membership.
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4. A credit control committee shall have not less than three members and a member of the credit committee, the credit control officer or a credit officer shall not be eligible for membership.
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5. A membership committee shall have not less than one member.
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6. If a director of a credit union who is a member of—
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(a) the credit committee, or
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(b) the credit control committee, or
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(c) the membership committee,
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ceases to hold the office of a director, he shall thereupon cease to be a member of the committee in question and, if he held the office of chairman, vice-chairman, treasurer or secretary of that committee, he shall also thereupon cease to hold that office.
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