Credit Union Act, 1997

Functions of treasurer.

64.—(1) The treasurer of a credit union shall act as the managing director of the credit union and shall, not later than the last day of each month, submit to the board of directors (in unaudited form and described as such) a financial statement showing—

(a) the income and expenditure of the credit union for the period from the beginning of the current financial year to the end of the preceding month; and

(b) a balance sheet for the same period.

(2) Subject to such limitations and controls as may be imposed by the board of directors, the treasurer of a credit union shall—

(a) ensure that proper systems of internal control are kept by the credit union;

(b) have custody of all funds, securities and documentation relating to the assets of and other assets of the credit union;

(c) provide, or cause to be provided, and maintain full and complete records of all assets, liabilities, income and expenditure of the credit union;

(d) prepare, or cause to be prepared, and submit to the auditor of the credit union such financial reports and returns required by the auditor;

(e) ensure that all cash is deposited in accordance with the instructions of the board of directors;

(f) report to the members of the credit union at the annual general meeting of the credit union; and

(g) in the exercise of his functions, comply with any instruction of the board of directors.

(3) With the approval of the board of directors, the treasurer may at any time delegate any function to a director who, in the opinion of the treasurer, is capable of discharging the function in a proper and competent manner.

(4) A director to whom a function has been delegated in accordance with subsection (3) (in this Part referred to as an “assistant treasurer”), shall comply with any instruction, limitation or control imposed by the treasurer and approved by the board of directors.

(5) Neither the treasurer nor an assistant treasurer shall be eligible for membership of any of the following committees of a credit union—

(a) the credit committee;

(b) the credit control committee;

(c) the membership committee.

(6) Nothing in this section affects the power of a credit union to appoint, in addition to the treasurer, a manager who is not a director and whose functions are defined by the board of directors.