NLCU is governed by a volunteer Board of Directors who are elected by our members. Each year, a call for Board of Directors nominations is made to our membership and remains open for a minimum of 21 days. The deadline to submit nominations is February 15. Board elections occur at the Annual General Meeting, which is held in the spring.
Any member of NLCU who is a citizen of Canada, 19 years of age or older, and meets the requirements set out in the by-laws of the credit union may be a director, unless he or she is:
- An undischarged bankrupt person;
- An employee of that credit union, a trade association or the guarantee corporation;
- Not bondable;
- An auditor, or a member of the auditor’s firm, of that credit union;
- A parent, child, spouse, brother or sister of an employee of the credit union;
- The solicitor of that credit union;
- A public employee whose official duties are concerned with the affairs of credit unions;
- A person who has a loan with that credit union on which principle or interest is in arrears for a period established by regulation.
Every member who is 19 years of age and in good standing is entitled to one vote.
A member in good standing has a share balance* of not less than $100, their first name on the account, or full member status as of the date of the Annual General Meeting.
If a corporation or association is a member of NLCU, we will recognize a natural person authorized to represent the corporation or association by a resolution of the directors of the governing body of the corporation or association.*Share balance of not less than $100, the first name on the account or have full member status as of the date of the Annual General Meeting. The Credit Union Act (Section 73(1) and Section 75) does not allow members to vote more than once per question or to vote by proxy. If a corporation or association is a member of Newfoundland and Labrador Credit Union, the Credit Union shall recognize a natural person authorized to represent the corporation or association by a resolution of the directors of governing body of the corporation or association.