Duties Of Board Of Directors

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The Board of Directors is the executive organ of the Society. Subject to the authority of the General Meeting and these bye-laws, the Board of Directors shall perform or authorized all actions necessary to achieve the aims of the Society.

It shall in particular:

Determine the purpose and objectives of the credit union.
Draft and propose bye-laws
Develop and ensure the implementation of operational policies of the credit union (Lending, Savings, Investment, Financial, Personnel etc.)
Develop short, medium and long-term business plans for the growth of the credit union
Represent the Society in its dealings and transactions.
Engage the services of a Manager for the day-to day activities of the credit union and fix his or her remuneration and conditions of employment;
Decide on the bond, which may be required of employees or officers handling the funds and property of the Society.
Open bank accounts in accordance with provision of the Decree, and decide on the investment of funds.
Appoint at least 3 signatories for cheques, notes, drafts and other obligations of the Society.

Constantly evaluate the performance of the credit union
Develop and implement an ongoing educational programme for the Society;
Authorize borrowing by the Society in accordance with paragraph 29.
Ensure that true and accurate records and accounts of all transactions of the Society are kept;
Take action against delinquent borrowers;
Recommend to the Annual General Meeting the dividend rate on shares
Determine interest rates to be charged and paid on loans and savings respectively as is deemed necessary.
Prepare and present budgets at the Annual General meeting for approval by the general members.
Suspend from membership, for valid reasons and until general membership decision is reached by any member of the society.
Where necessary the Board of Directors may appoint an internal Auditor to compliment the work of the Supervisory Committee.
The Board of Directors shall have the power to delegate an officer or an employee of the Union such of its own powers, as it may deem necessary

The Loan Committee shall grant loans only in accordance with these bye-laws and the rules and policies laid down by the Board of Directors.
It shall decide on loans only at proper meetings and if the required quorum is present.

It shall in particular;

Consider all loan applications. The Manager may be authorized to approve loans completely secured by the borrower’s own savings which are not already pledged as security for another loan, if the Loan Committee so wishes.
Ensure that loans are properly secured.
Determined reasonable conditions of repayment.
Follow up delinquent loans.
Make recommendations to the Board of Directors for action to be taken against delinquent borrowers.

To check whether the Loans Committee has followed the prescribed procedure in granting loans particular with regard to security.
To see that the Treasurer or another authorized person prepares a monthly financial statement.
Ensure that the Treasure / Manager or another authorized person prepares a Balance Sheet and an Income and Expenditure account at the end of each financial year and sends them to the registrar and the National Credit Union Association (CUA) Headquarter

See that a complete audit of the books of account is made at least once a year.
Check each member’s passbook against his personal ledger card at least once a year.
Check the cash on hand, bank accounts and investment securities at least once every three months.
Make a report to the Annual General Meeting.
Meet monthly to check and sign the financial report.

Police Hospital Co-operative Credit Union (PHCCU) has expanded its common bond, now welcoming all police officers in Ghana into its fold.