Hong Kong Police Credit Union

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Our Structure

Our Credit Union runs under the guidance of The Credit Unions Ordinance, Chapter 119, Laws of Hong Kong.

 
Board of Directors

The operation of the Credit Union is conducted by a Board of Directors which is elected at the Annual General Meeting of the Credit Union. It consists of 15 members, all of whom are members of the Union. Regular term of office for directors is for a period of 3 years. Each year, at the Annual General Meeting, one third of the directors retire from office. At the first meeting of the Board of Directors, a President, a Vice-President, a Secretary and a Treasurer are elected.
 
Duties of Board of Directors
- to act upon all applications for memberships;
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 to determine the interest rates on loans;
- to determine the maximum amount which may be loaned to any individual members;
- to recommend dividends;
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 to recommend amendments to the By-laws;
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 to invest the funds of the Credit Union;
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to submit the accounts of the Union to the Registrar for examination in pursuance of the provisions of the Ordinance;
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 to authorize borrowings on behalf of the Credit Union;
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to maintain at all times an active education programme of Credit Union aimed to promote the best interest of the Union and of the Credit Union movement; and

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 to perform such business as pertains to the general meeting.
     
 
 
Supervisory Committee

The Supervisory Committee consists of five members. All of whom are members of the Credit Union but none of whom are members of the Board of Directors or Credit Committee. Committee members are elected at the Annual General Meeting and the regular term of office is for a period of 5 years.
 
Duties of Supervisory Committee
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to carry out an examination of affairs and audit the accounts of the Credit Union;
- to inspect the securities, cash and accounts of the Credit Union;
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if it deems it to be necessary in the interest of the Credit Union, suspend any director of the Board or any member of the Credit Committee from the function of his office;
- to endorse the annual financial report submited by the Treasurer; and
- to receive and investigate complaint lodged by member.
     
 
 
Credit Committee

The Credit Committee consists of five members, all of whom shall be members of the Credit Union. Neither the President nor the Treasurer of the Board nor more than one Director of the Union is a member of the Credit Committee. Regular term of office for Credit Committee members is 5 years and they are elected at the Annual General Meeting.

 
Duties of Credit Committee
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to approve loan applications; and
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to fix the maximum loan which may be given by loan officers and the maximum repayment period of such loan.

     
 
 
Education Committee
After every Annual General Meeting, the Board of Directors appoints an Education committee of at least three members.
 
Duties of Education Committee
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to educate new members in the understanding of the By-laws, and the spirit and practice of the Credit Union movement;

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to keep both members and the public informed of the services provided by the Credit Union;

- to educate the members in practical ways of using their money wisely; and
- to promote membership.