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Application provision

1.1 Unless otherwise stated, this Part applies to a credit union.



A credit union must ensure that the governing body:

  1. (1) is competent to control the affairs of a credit union; and
  2. (2) has an appropriate range of skills and experience relevant to the activities carried on by the credit union.



A credit union must employ personnel (whether or not they are remunerated) with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them.



A credit union must ensure that:

  1. (1) the performance of multiple functions by its relevant staff does not and is not likely to prevent those staff from discharging any particular functions soundly, honestly and professionally; and
  2. (2) its senior personnel define arrangements concerning the segregation of duties within the credit union and the prevention of conflicts of interests.



A credit union must ensure appropriate segregation of duties in order to minimise the risk of contravention of requirements and standards under the regulatory system