12 | Barbados Public Workers’ Co-operative Credit Union Limited - ByLaws (vi) prepare the annual statements of accounts, balance sheet, monthly financial statements and other statements as the Board may request; (vii) keep separate all monies belonging to the Society; (viii) produce a current statement of the Societies monies on demand; and (ix) make payments as authorised by the Board and obtain receipts for the same DISCIPLINE/DISMISSAL OF INTERNAL AUDITOR 51 The Internal Auditor shall report to the Supervisory Committee 52 The Internal Auditor shall only be disciplined or dismissed on the majority vote of each elected Committee CREDIT COMMITTEE 53. (1) The Credit Committee shall consist of three (3) members, none of whom shall be a member of the Board, the Supervisory Committee or an officer or employee of the Society. (2). Any member of the Credit Committee shall in addition to By-Law 41, be deemed to have vacated his office if he fails to perform any of the duties allotted to him as a member of the Committee pursuant to sections 206 and 209 of the Act, regulations or By-Laws. (3) Any vacancy on the Committee shall be filled by the Board, but such member shall hold office only until the next Annual General Meeting, at which a member shall be elected to fill the vacancy for the unexpired term. (4) The Credit Committee may be removed from office by a special resolution made in a Special General Meeting called for that purpose if it fails to submit a report to the Board pursuant to Section 209 (1) (c) of the Act (5) The Committee shall choose from its number a Chairman and a Secretary. These offices shall not be held by the same person (6) The Secretary of the Committee shall prepare and maintain full and correct records of all actions taken by the Committee and shall submit a report to the Board pursuant to Section 209 (1) (c) of the Act The Report shall state:- a. the number of loan applications received; b. the number and category of loans approved; c. the security obtained, if any, for such loans; d. applications denied; e. the number and amount of delinquent loans (7) The Credit Committee shall hold such meetings as the business of the Credit Union may require but not less frequently than once per month. Due notice of such meetings shall be given to other members of the Committee by the Secretary of the Committee (8) A majority of the Credit Committee constitutes a quorum. 54. (1) Subject to Section 206 of the Act, the Credit Committee shall:- a. consider and approve applications for loans upon such terms and conditions as specified by the Board in its Loan Policy and Procedures; b make recommendations to the Board in respect of the Loan Policy and Procedures to be followed in the granting of loans; c. monitor through reports from the Society’s internal auditor and other officers, loan procedures used by the Society d. consider reports that are submitted to it from Loans Officers pursuant to By-Law 54 (3); e. perform such other duties as are prescribed under the Act, the Regulations and these By-Laws. (2) The Credit Committee may delegate the Chief Executive Officer, the Manager charged with responsibility for loans, or other employee(s) of the Credit Union to approve loans to members upon such terms and conditions as the Board specifies.
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