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Membership

Friday, 06 February 2009 16:47

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A member of a Credit Union includes a person joining in the application for the registration of a Credit Union and a person or Credit Union admitted to membership after registration (Reneau 2008).  To become a member of a Credit Union, individuals are required to fill in an application form and pay an entrance fee or membership fee.  The BOD reviews the application and approves membership if the applicant is not an un-discharged bankrupt or is not a member of another Credit Union.  Person’s already a member of a Credit Union wishing to join a second Credit Union require permission from the Governor of the CBB. 


Shareholders vying for the post of a director or an officer may be disqualified based on the following:

  1.  
    1. Has been convicted of a crime of dishonesty such as fraud, deception, breach of trust;
    2. Becomes or is bankrupt;
    3. Suspends payments to the Credit Union;
    4. Compounds with creditors;
    5. Is a minor ;
    6. Employed by the CBB or BCUL;
    7. Director or directly involved in the management of a Credit Union, bank or financial institution whose registration was cancelled or revoked;
    8. Convicted of an offence under the CUA, Central Bank Act (CBA); or
    9. Is a member of another Credit Union.


A shareholder has the right to withdraw their membership subject to by-laws or rules of his or her Credit Union.  For shareholders to withdraw their membership the Credit Union must be informed in writing.  However, the Board may require up to ninety days notice to make full payment of a shareholder’s deposits.