CommitteesCredit Committee Supervisory Committee
COK Sodality is served by three (3) statutory committees namely the Board of Directors, the Credit and the Supervisory Committees.
These committees consist of volunteers who are all members of the Credit Union and who are first recommended by a Nominating Committee based on their areas of expertise, experience and knowledge or nominated by members during the Annual General Meeting (AGM). All nominees are then presented to the membership and successful candidates elected to serve on each committee.
In addition to the three statutory committees, volunteers are nominated to serve on various non-statutory committees related to different aspects of the credit union.
The Supervisory Committee is considered the “watchdog” of the credit union and has the responsibility for ensuring that the Credit Union maintains effective internal controls and operates within the policies and rules that governs the organization as well as dealing with members’ complaints. The Supervisory Committee is elected by the membership at Annual General Meetings and is required to report to the Board of Directors on a monthly basis and to the members at each Annual General Meeting.
The Credit Committee
The Credit Committee has the responsibility for approval or disapproval of loan requests from members. The committee operates within the framework of the Co-operative Societies Act, the credit union rules and the Loan Policy approved by the Board of Directors. The Credit Committee is elected by the membership at Annual General Meetings and is required to report to the Board of Directors on a monthly basis and to the members at each Annual General Meeting.