The Board of Directors and You
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
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.
listed as follows;
|Ms Leanne Davison
|Mrs Lynsay Kyle
|Mr Ashley McCahon
|Mr Robert Campbell
The Duties of Board
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.
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.
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
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
can offer themselves for election as long as they hold at least one £1 Share in the Credit
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
ARE INVITED TO ATTEND. (Next AGM is being
held in March 2017)