2020 International Credit Union Day (ICU Day) Quiz #1 Winners

Congratulations to Damara Bonner who correctly answered all questions and won a $200 Share Certificate!

Click Here to see the Winner Drawing    

2020 International Credit Union Day (ICU Day) Quiz, 5 October 2020 Answers

Q: Who is the chairman of the Board of Directors?                                                                                                                                                                                         Mr Michael Nixon

Q: How many directors currently make up the Board of Directors?                                                                                                                                                          At the 2019 AGM, the membership approved for 9 members

Q: Fill in the blank space. The Rate of interest payable on ___________ shall be fixed by the Board of Directors.                                                                            All the above, Deposit, Fixed/Term Deposit and Loan Rates are approved by the Board of Directors.

Q: Fill in the blank space. The Supervisory Committee shall consist of not less than__________ members?                                                                                     The Supervisory Committee shall consist of not less than 3 members.

Q: Fill in the blank space. The Supervisory Committee must send a quarterly report of its activities to the___________?                                                           Quarterly reports of the Supervisory Committee are sent to the Board of Directors.

Q: The term of office for Credit Committee Members is?                                                                                                                                                                              2 Years

Q: Fill in the blank space. The ________ _________ shall always display ethical conduct, comply with legal requirements and follow established                 policies and procedures.                                                                                                                                                                                                                                   All the above, the Board of Directors, Supervisory Committee and Credit Committee shall always display ethical conduct, comply with legal                         requirements and follow established policies and procedures 

Q: What Committee can examine the affairs of the Credit Union at least quarterly including an audit of its books of accounts?                                        The Supervisory Committee

Q: Fill in the blank spaces. Payment of an Entrance Fee to be determined by the Board of Directors and subscribing to a minimum of ________ in         Permanent Shares and ______ in Voluntary Shares.                                                                                                                                                                                     All members are required to pay a minimum of $25 in Permanent Shares and a minimum of $25 in Voluntary Shares.

Q: Fill in the blank space. Money paid into voluntary shares may be withdrawn in whole or in part on any day when the Credit Union is open           for business, but the Board of Directors shall reserve the right at any time to require a member to       give notice not exceeding____________           months; provided however that no member may withdraw any shareholding below the amount of his total liability to the Credit Union as a       borrower or co-maker.                                                                                                                                                                                                                                      Members may be required to give notice, not exceeding 6 months.