Page 114 - MCCU

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LTD.

Supervisory Committee • Checking on the Credit Union’s Credit
Administration to ensure that delinquency is
• The Supervisory Committee shall be elected at kept under control and that securities are
the Annual General Meeting of the Credit adequately endorsed in the Credit Union’s
Union and shall consist of not less than three favour.
members, none of whom shall be members of
the Board of Directors or Credit Committee or • Evaluating whether the policies and
Loan Officer or Employee. procedures established by the Board of
Directors are documented and adhered to.
• The Supervisory Committee is charged with
the responsibility of being the Internal Audit • Ascertaining whether the established systems
Committee of the Credit Union for and on of internal control provide reasonable
behalf of the members. The main functions of assurance to the members that the assets of
the committee include: the Credit Union are adequately protected to
ensure safeguards against errors,
• Determining compliance with the Rules of the carelessness and fraud.
Credit Union, the Co-operative Societies Act
and Regulations, the rules of the League and • Evaluating the Credit Union’s compliance with
the Bank of Jamaica (Credit Unions) Regula- applicable legislation and making
tions, when enacted. recommendations to the Board of Directors
where necessary.
• Ensuring that no irregular or unauthorized
transactions are carried out by either Receive and investigate any complaint made by
employees or volunteers or any parties any member affecting the proper running of the
connected to these persons. Credit Union

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114 ANNUAL REPORT 2017