Eligibility Qualifications of Directors

Credit Union Act 1998

No person is eligible to be a Director who:

a)  is less than 18 years of age:

b)  is of unsound mind and has been found by a court in Saskatchewan or elsewhere to be of unsound mind;

c)  is not an individual;

d)  in the case of a director elected or appointed by members, is not a member of the Credit Union;

e)  is an employee of the Credit Union or CUDGC;

f)  has been convicted in the immediately preceding five years of a criminal offence that is punishable by a term of imprisonment of five years or more of an offence against this Act;

g)  has the status of bankrupt;

h)  is a professional advisor to the credit union;

i)  is a person who has failed to comply with Division 6 of Part X; or

j)  is a member of any class of persons that may be prescribed in the regulations.

Eligibility Goodsoil Credit Union Limited Policy and Bylaws (as taken from our policy

and bylaws – in policy 4000.06)

In addition to the requirements contained in The Credit Union Act, 1998 (section 102), directors shall have the following qualifications:

1.  Must be a member of the Credit Union for a minimum of two years

2.  Must be, and remain, eligible for fidelity bonding

3.  Must not have loans in arrears of more than 60 days with the Credit Union or with any other financial institution.

4.  Must not be an employee of the Credit Union, nor have been in the previous twelve months

5.  Must not be a member of an immediate family of an employee (For the purpose of this policy the immediate family is defined to include spouse and children, parents, brothers, sisters, and grandparents)

6.  Must not be involved as an individual, owner, partner or official of a company that is party to a legal action against the Credit Union or a legal action brought by the Credit Union

7.  Must not be a board member or sales representative of any other financial institution, except as a representative of the Credit Union

8.   Must attend regular meetings of the board of directors as subject to Bylaw 5.6(b)

9.  Must hold his/her primary account in the Credit Union to demonstrate confidence in the Credit Union

10.  Must not, as an individual and/or in an ownership capacity with any group or company, organization have caused the Credit Union, or any other financial institution a loss (through write-offs, collection costs, legal costs)