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Board of Directors

Each credit union is run by its members. They elect a Board of Directors and other Committees at Annual General Meetings. At the AGM the Directors are elected for a three year period, ensuring that one third of them are rotated annually, this to maintain experience. At their first meeting following the AGM the Directors then elect the following posts:

• Chairperson
• Vice Chairperson
• Secretary
• Assistant Secretary
• Treasurer
• Assistant Treasurer

An Annual General Meeting must be held within 6 months of the end of the financial year that runs from 1st October - 30th September. We hold our AGM generally in November each year.

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Llandudno & District CU’s rules permit a maximum of 15 and a minimum of 5 directors. Our rules have been developed from guidance received from ABCUL, our trade association and accepted by the FSA. All Directors are members, unpaid volunteers and from the local community. They are also provided with appropriate training in order to discharge their responsibilities as highlighted below:

• Act as guardians of member funds and interests.
• Serve the needs of member
• Make decisions
• Develop the Credit Union

Loans Panel

A maximum of 6 and a minimum of 3 members are permitted by our rules. They are elected at the AGM. They are members who are volunteers and unpaid. Their primary duties are:

• Consider loan applications
• Report regularly to the Board of Directors
• Make recommendations on loan policy to the Board.

Supervisory Committee

Our rules state that there must be 3 members which constitute this committee. They are elected in the same fashion as described for the Board of Directors and Credit Committee. Their primary duties are:

• To investigate and check policies and procedures (internal audit)
• To monitor the Union's operations (internal control system)
• To advise and report to the Board of Directors regularly

The Llandudno & District Credit Union has amassed a great deal of knowledge and experience both before and since its existence in 1996. You can be assured your savings are in safe hands.