Credit Committee

(1) Every credit union shall have a Credit Committee which shall be elected by its members at the annual general meeting. 32 Credit Unions Act (2) The Credit Committee shall consist of three members and it may fill any vacancy on the committee until the next annual general meeting, when successors shall be chosen. (3) The members of a Credit Committee shall hold office for such term as the by-laws provide. (4) A person who is a member of the Board or Supervisory Committee or who is an employee of the credit union shall not become a member of the Credit Committee. (5) The Credit Committee shall meet at least once a month and minutes and reports of these meetings shall be submitted to the joint officers meeting held every quarter.