Stakeholders of the KNUST Tek Co-operative Credit Union have considered a revised set of bye-laws intended to strengthen the governance and operational framework of the Credit Union.
The revised bye-laws were discussed at a stakeholders’ meeting, where members reviewed proposed amendments covering governance, financial management, loan administration, elections, and membership to ensure that the Union’s operations remain effective and compliant with regulatory requirements.
Dr. Acheampong Owusu, Chairman of the Interim Management Committee (IMC), said the review forms part of ongoing efforts to update the Credit Union’s governance framework and improve its operational efficiency.
“Some of the changes recommended were reviewed and consulted with other Credit Unions who have also gone through the same process,” Dr. Owusu emphasised.
He said that the revised bye-laws seek to provide clearer guidance on the administration of the Credit Union while responding to the evolving needs of its members.
Discussions centred on several key provisions, including minimum shareholding requirements, withdrawal of savings, maintenance of the register of members, and the determination of the Credit Union’s financial year.
Stakeholders also examined proposed amendments relating to loans, including eligibility requirements, loan application procedures, loan maturity periods, loans granted to directors, and payment obligations following the termination of membership.
Other provisions considered included the conduct of Annual and Special General Meetings, the composition and responsibilities of the Election Committee, and the eligibility requirements for persons seeking election to the Board of Directors and other committees.
Members made recommendations and sought clarification on the proposed amendments, with the discussions aimed at ensuring that the revised bye-laws promote sound corporate governance, transparency, accountability, and prudent financial management.
The meeting also featured an update on the ongoing legal matter involving the Credit Union. Management informed stakeholders that the case remains before the courts and assured members that the institution continues to operate within the applicable legal and regulatory framework.
The Interim Management Committee encouraged members to remain engaged in the review process, noting that the revised bye-laws are expected to provide a stronger governance framework for the Credit Union’s future operations.
Photos from the meeting
