There are three Committees in the Organizational Structure of Credit Unions.
Their Roles and Functions are clearly set out in the Co-operative Societies Act Chapter 378 A of the Laws of Barbados; the Co-operative Societies Regulations 1993; and the individual Credit Union’s By-Laws.
Organizational Structure of the Barbados Teachers’ Co-operative Credit Union Ltd
These members include the President who is the Chairperson of the Committee, the Secretary and Treasurer.
This Committee is responsible for setting the Policy for the Management of the Business and Affairs of the Credit Union.
It should have a properly structured and progressive Loan Policy in place to govern the Lending Policy.
The Board of Directors must operate within the Norms, Principles and Practices of Good Corporate Governance.
The Supervisory Committee, which is made up of five members, is responsible for examining the books of the Credit Union, confirming the Cash instruments, property and securities of the Credit Union and confirming the Deposits of the members.
This Committee which is sometimes called the ‘watch-dog’ of the Credit Union also investigates written complaints from members and recommends solutions.
The Credit Committee, which is made up of five members, has the responsibility for processing all Loan Application Forms.
It also has the responsibility of checking and reviewing the Delinquency Portfolio.
It can also make recommendations to the Board for changes to the Loan Policy.
This committee is very critical to the proper functioning of any Credit Union, because most members are very interesting in accessing loans in a timely manner more than any of the other services available.
The Board of Directors may also appoint other Committees in the Credit Union.