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56.   Credit committee

Revised Laws of Saint Lucia (2021)

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56.   Credit committee

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    (1)   Every credit union shall have a credit committee which shall be elected by its members at the annual general meeting.

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    (2)   The members of a credit committee hold office for such term as the by-laws provide and until their successors are elected.

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    (3)   The credit committee shall consist of the number of members fixed by the by-laws, which shall be no fewer than 3.

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    (4)   A person who is a member of the board or of the supervisory committee or who is an employee of the credit union shall not be a member of the credit committee.

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    (5)   A majority of the credit committee, not including the secretary or treasurer, constitutes a quorum.

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    (6)   A member entitled to vote at an election of members of the credit committee, if he or she votes, shall cast at the election a number of votes equal to, or less than, the number of members of the credit committee to be elected, and the member shall distribute the votes among the candidates in such manner as he or she sees fit, but no candidate shall receive more than one vote from each member.

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    (7)   Where a vacancy occurs in the credit committee, the board may fill the vacancy until the next annual meeting of the credit union.

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    (8)   The by-laws of the credit union may provide for the election and retirement of members of the credit committee in rotation so that no member of the credit committee shall be elected for a term of more than 3 years but a person shall not serve as a member of the credit committee of a society for more than 2 consecutive terms or an aggregate of 6 successive years.

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