Board of Directors

(1) Every credit union shall be managed by a Board of Directors of not less than five members and not more than nine Credit Unions Act 29 members, which shall be constituted in accordance with this Act and the by-laws of the credit union. (2) A person shall not be eligible for election to or continue to serve on the Board of Directors or any committee of the credit union who– (a) has been convicted of a crime of dishonesty including fraud, deception, or breach of trust; (b) is or becomes bankrupt or suspends payment to or compounds with his or her creditors; (c) is under the age of eighteen years; (d) is an employee of the Central Bank of Belize or the League; (e) has been a director of, or was directly involved in the management of a credit union, bank or financial institution whose registration/licence has been cancelled or revoked; (f) has been convicted of an offence under the provisions of this Act, the Central Bank of Belize Act, the Domestic Banks and Financial Institutions Act, or the International Banking Act. CAP. 262. CAP. 263. CAP. 267. (3) For the purposes of this section, “management” includes– (a) a person who holds membership in any committee established by a credit union; and (b) a person who is employed by the board. (4) Subject to the approval of the Registrar, and the consent of the Board of Directors no employee of a credit union shall be 30 Credit Unions Act eligible for election to the Board of Directors or any committee of the credit union by which the employee is employed. (5) On registration of the credit union, the individuals whose names appear in the application for registration as having been appointed and having consented to act as provisional directors– (a) are deemed to have all the powers and duties (b) shall hold office until the first general meeting, which shall be called within ten days after receipt of the certificate of registration. (6) Subject to the provisions of this Act, the directors shall have responsibility for the general management of the affairs of a credit union and in particular shall– (a) act on applications for membership and on the expulsion of members; (b) determine the maximum individual share holdings and the maximum individual loan which may be made with or without security; (c) determine interest rates on loans and on (d) declare dividends; (e) fix the form and amount of the security which shall be required from officers and employees handling money; (f) fill vacancies on the Board of Directors and on the Credit Committee until the next annual meeting when successors are chosen; Credit Unions Act 31 (g) perform such other duties as are required by this Act and by the by-laws.