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Qualifications of Directors

Board members of the Credit Union must at all times, during their tenure on the Board, meet the legislated eligibility criteria and those listed below. Failure to do so will result in immediate removal from the Board.


Persons nominated to serve on the Board will be made aware of the eligibility requirements of the Credit Union Act and this policy prior to accepting the nomination and, if in their opinion, they do not meet all of the criteria, they will be expected to decline the nomination.

Eligibility Criteria

The following criteria are in addition to the requirements contained in the Credit Union Act:

  • Must be in agreement with the Basis and Purpose of the Credit Union as set out in Section 1.1 of the By-laws and the preamble to this policy manual.
  • Must be in agreement with the Statement of Faith as set out in Section 1.2 of the Bylaws.
  • Must be a member of the Credit Union for a minimum of three (3) Years.
  • Must be, and remain, eligible for fidelity bonding
  • Must not be an employee of a Credit Union, nor have been in the previous 36 months
  • Must not be a member of an immediate family of an employee. For the purpose of this policy the immediate family is defined to include spouse and children, parents, brothers, sisters, grandparents or spouses of same
  • Must not be involved, as an individual and/or in an ownership capacity with any group or company, in any legal action or dispute with the Credit Union or with any other financial institution
  • Must not be a board member or sales representative of any other financial institution, except as a representative of the Credit Union
  • Must be able to attend regular meetings of the Board
  • Must conduct his/her day to day banking with the Credit Union, in order to demonstrate confidence in the Credit Union
  • Must have the skills necessary to complement the Board’s current requirements.

Responsibilities

All Board members are to be fully aware of the eligibility criteria and are expected to place
before the Board an offer to resign from the Board if at any time during his/her tenure any of
those criteria are not met.


Upon becoming aware, in any manner, of the possible ineligibility of any Director, the Board
will consider the facts and will rule on the matter of removal of such Director.


When considering possible removal of an individual from the Board, the Board may employ
legal counsel or any other resources deemed necessary in order to protect the Credit Union from
undue legal risk.


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