Frequently asked Questions (FAQs)

Q1. What is the primary role of a supervisor?

As a supervisor your main responsibility is to oversee the way your directors perform their various duties and functions in your Credit Union.

Q2. Do I need to familiarise myself with the rules and history of my Credit Union?

It is critical that you are as familiar as possible with these matters. Always refer to the Credit Union Act or the appropriate rule book. Both publications should be available to you. Remember, if there seems to be a conflict between your rule book and the Credit Union Act, then in that case the Act will always take precedence.

Q3. Is there anyone who is not entitled to be a supervisor?

Yes. Those who are not eligible to become supervisors include any Credit Union member under the age of 18, directors of your Credit Union, a full or part-time employee of your Credit union, a person who performs any other duty in the Credit Union or a body corporate.

Q4. Are supervisors entitled to attend any and all meetings?

Yes, supervisors have the right to attend all meetings of the Board of Directors and any committee meeting of the Credit Union.

Q5. What should happen when all supervisors resign collectively?

The secretary of the supervisors must notify the Registrar in writing within one month. The failure to do so is considered an offence.

Q6. How frequently should the supervisory committee arrange to meet?

The supervisory committee is obliged to meet a minimum of once a month.

Q7. Which person should open the quarterly meetings with the Board of Directors?

The person responsible for opening these meetings is the Chairperson of the Supervisory Committee.

Q8.Who is responsible for any costs incurred when supervisors attend seminars, courses or Forum meetings?

Each individual Credit Union is responsible for any reasonable costs incurred by its Supervisory Committee in carrying out its function and duties.

Q9. When Supervisors call an appraisal meeting with the Board of Directors, what needs to be submitted to the Board before the meeting?

The Supervisors should submit a short written report to the board outlining the topics on the proposed agenda.

Q10. At what point does a new Supervisory Committee take office?

This happens immediately after the AGM. The Chairperson of the supervisory Committee is responsible for chairing the organisational meeting of the new Board for the election of the Principal Officers.

Q11. As a Supervisor, what should you take to any meeting you attend?

You should bring a copy of the relevant acts and CREDS rules along with the appropriate registered rules in case there is a need to refer to them.

Q12. Are you entitled to access to all offices, books and documents in your Credit Union?

Yes, The Supervisory Committee shall have access, at all times, to the books and documents of the Credit Union (even in draft form).

Q13. If you think something is amiss but don’t have the necessary expertise to tackle the problem, are you allowed to engage the services of an outside consultant?

Yes. In such instances a Supervisory Committee must make or cause to make an examination of books and documents. This may include engaging the services of a ‘Competent Person’ and the cost ‘shall be borne’ by the Credit Union.

Q14. Can you, as supervisor, write directly to the bank and other establishments in order to seek independent verification of specific information such as investments?

Yes, you can.

Q15. If the Board of Directors refuses to meet with the Supervisors what should you do?

When a date is given in good time and you are refused, allocate another date. If this one is refused contact the monitoring department of your relevant body.

Q16. If the Supervisory Committee’s post is normally opened in the general office of your Credit Union and you decide to obtain a P.O Box but the board refuses to pay for it, what can you do?

Reasonable cost of the Supervisory Committee should be met by the Board.

Q17. What records should the supervisory Committee keep?

The Supervisory Committee should keep a record of all:
i. Minutes of all meetings it holds
ii. All meetings attended
iii. All checks, examinations and audits

Q18. Are Supervisors entitled to speak at meetings?

Supervisors are only entitled to speak on points of law, or points of information. They must never attempt to influence the board or participate in decision making.

Q19. Can a Supervisor be removed from office and, if so, when?

A Supervisor can only be removed from office at an SGM that has been called for that specific purpose.

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