The Board of Directors and  You ....


The Board of Directors is the name given to the main committee who administer or 'run' the Credit Union. The Directors do not own the Credit Union but each of them must have at least one £1 share in the business, as do all members.

There are 10 members of the Credit Union who were elected at the last Annual General Meeting in March 2016 to act as Members of the Board of Directors for the current year.

They are listed as follows;

Mr Gary Dempsey Chairman
Mr Malcolm Campbell Vice-Chairman
Ms Leanne Davison Hon Secretary
Mrs Lynsay Kyle Hon Treasurer
Mr Tony McCaw
Mrs Hazel Smyth
Ms Joan Adams
Mr Ashley McCahon

Mr Thomas Collins

Mr Robert Campbell

 

 

 

The Duties of Board Members

Are varied and interesting. They do not have access to the individual member accounts of the credit union unless there is a specific legal requirement for such scrutiny (e.g. seriously over-due loan repayment).  They do however have to attend to routine matters like keeping the light and heat on in the premises, making sure that Insurances are paid, accounts are audited and any due dividends are paid to members. They also discuss and plan how they can use members' funds for the betterment of the membership generally. They do not put funds directly on the stock market or any other 'risky'  ventures such as property. Instead they use 'authorised' banks such as the 'Northern' and the 'Ulster Bank' and certain Building Societies where they get the best return.

The Board knows that the members shares are always far better out of the bank and being used wisely by fellow members for provident and/or productive purposes. The larger the amount of interest brought in from members' loans corresponds with a reciprocal reduction in Annual Corporation Tax payable to the Revenue & Customs by the Credit Union. This in turn leads to more funds becoming available for the Annual Dividend and general office improvement/development schemes, computers, decor, etc.

The Board normally meets on the 3rd Friday evening of each month for 1 to 2 hours in the Board Room. Meetings are formal but usually very interesting. When one or more members fundamentally disagree on policy, things can get a bit exciting - but the steadying hand of the chair-person usually finds a resolution satisfactory to all!

One third of the Board must resign each year to facilitate the appointment of new members. Therefore Board Members can only remain in post for a maximum of 3 years. This helps other members to get elected to what can sometimes be a pretty exciting position. If a 'stood-down' Board Member was doing a good job, or if a replacement cannot be found, then it is in perfectly in order for that Member to be re-elected for a further term of office.

Any Member can offer themselves for election as long as they hold at least one £1 Share in the Credit Union.

The Board holds an Annual General Meeting in March each year. This gives all the Credit Union's Members a chance to ask questions and generally understand what is going on behind the scenes. There are NO SECRETS at this gathering other than that individual Members accounts and business will not be divulged in any way.

ALL MEMBERS ARE INVITED TO ATTEND. (Next AGM is being held in March 2017)

 

Ayn Rand

Money is the barometer of society’s virtue.

 A creative man is motivated by his desire to achieve,

not by his desire to beat others…..