Membership
in a credit union is voluntary and open to all within the
accepted common bond of association that can make use of its
services and are willing to accept the corresponding responsibilities.
Democratic
Control
Credit
Union members enjoy equal rights to vote (one member, one
vote) and participate in decisions affecting the credit union,
without regard to the amount of savings, deposits or the volume
of business. Voting in credit union-support organisations
or associations may be proportional or representational in
keeping with demographic principles. The credit union is autonomous,
within the framework of law and regulation, recognising the
credit union as a co-operative enterprise serving and controlled
by its members. Credit union elected offices are voluntary
in nature and incumbents should not receive a salary. However,
credit unions may re-imburse legitimate expenses incurred
by elected officials.
Non-Discrimination
Credit
Unions are non-discriminatory in relation to race, nationality,
sex, religion and politics.
These
Credit Union Operating Principles are founded in the philosophy
of co-operation and its central values of equality and mutual
self-help. Recognising the varied practices in the implementations
of credit union philosophy around the world at the heart of
these principles is the concept of human development and the
brotherhood of man expressed through people working together
to achieve a better life for themselves and their community.
SERVICE
TO MEMBERS
Service
to Members
Credit
union services are directed to improve the economic and social
well being of all members.
Distribution
to Members
To
encourage thrift through savings and thus to provide loans
and other services, a fair rate of interest is paid on savings
and deposits, within the capability of the credit union.
The
surplus arising out of the operations of the credit union
after payment of limited dividends on permanent equity capital
where it exists, belongs to and benefits all members with
no member or group of members benefiting to the detriment
of others. This surplus may be distributed among members in
proportion to their transactions with the credit union as
interest or patronage refunds, or directed to improved or
additional services required by members.
Building
Financial Stability
A
prime concern of the credit union is to build the financial
strength, including adequate reserves and internal controls
that will ensure continued service to the membership.
SOCIAL
GOALS
On-going
Education
Credit
Unions actively promote the education of their members, officers
and employees, along with the public in general, in the economic,
social, democratic and mutual self-help principles of credit
unions. The promotion of thrift and the wise use of credit,
as well as education on the rights and responsibilities of
members, are essential to the dual social and economic character
of credit unions in serving member needs.
Co-operating
among Co-operatives
In
keeping with their philosophy and the pooling practices of
co-operatives, credit unions within their capability actively
co-operate with other credit unions, co-operatives and their
associations at local, national and international levels in
order to best serve the interest of their members and their
communities.
Social Responsibility
Continuing
the ideals and beliefs of co-operative pioneers, credit unions
seek to bring about human and social justice that extends
to both the individual members and to the larger community
in which they work and reside. The credit union ideal is to
extend service to all who need and can use it. Every person
is either a member or a potential member and appropriately
part of the credit union sphere of interest and concern. Decisions
should be taken with full regard for th interest of the broader
community within which the credit union and its members reside.
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