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How do I become a Board member at Legacy Savings?
Each
year at the Annual meeting the credit union elects/re-elects
new Directors.
What
are the duties of the Board?
The
board of directors acknowledges its responsibility for the
general management of the credit union, including:
- Acting
honestly and in good faith with a view to the best interests
of the credit union at the exclusion of other interests.
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Exercising the care, diligence and skill of a prudent
person in directing the credit union’s affairs.
-
Setting and monitoring the credit union’s overall business
objectives, by-laws and policies that provide for the
needs of members, safeguard the assets of the credit union
and meet regulatory requirements.
-
Appointing, defining the duties and responsibilities,
and assessing the performance of the General Manager.
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Reviewing senior management succession plans.
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Reviewing all policies and procedures.
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Encouraging an appropriate board/management strategic
planning process promoting the long-term viability of
the credit union.
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Directing the democratic process within the credit union,
including the election of directors and the matter of
board succession.
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Responding or causing responses, as appropriate, to inquiries,
requests or demands from regulatory agencies, auditors,
members or other stakeholders.
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Ensuring efficient communication with members.
Qualifications
for the Board
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Must have reached the age of majority
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Must be, and remain, eligible for fidelity bonding
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Must not be a member of an immediate family of an employee.
?Immediate family is defined to include spouse and children,
parents, brothers, sisters, grandparents or spouses of
same
- Must
be committed to the credit union principles and concepts
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Must not be involved, as an individual and/or in an ownership
capacity with any
group or company, in any legal action or dispute with
the credit union or with any
other financial institution
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Must not be a board member or sales representative of
any other financial institution, except as a representative
of the credit union
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Must be able to attend regular meetings of the board of
directors
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Must be in good standing at the credit union for a minimum
of one year, and where a borrower loans in good standing
- Must
not have a status of bankrupt
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Must conduct a significant portion of his/her financial
business with the credit union, in order to demonstrate
confidence in the credit union
Does
the credit union offer courses to help me in my duties?
Yes,
the credit union system offer courses, paid for by the credit
union, to develop all the skills you will require.
How
much time is involved in sitting on the board?
As
a Director you can control the amount of time spent performing
your duties. Each Director is required to attend the
monthly Board meeting, which lasts approximately 3 hours.
Additional time spent is in the control of the Director by
the number of committees he/she sits on.
Interested
in running for the Board or want more information contact
the credit union at 265-6050, or email the credit union at
admin@legacysavings.com.
Click here for a PDF copy of the "Legacy Savings &
Credit Union Information for Potential Board Members".
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