It is important for you as a Board or a member of the management team to understand that your credit union is set up under a legal framework. That legal framework requires you to conduct and manage your business in accordance with the provisions of the Credit Union Act and its Standard By-laws and Regulations.
While some credit unions are trying to comply, it is sad to note that non-compliance is still a wide spread problem in many credit unions. Some examples of areas for compliance include submission of timely audited financial statements and reports, holding of annual general meetings, proper election of officer bearers and paying your dues to the Solomon Islands Credit Union League (SICUL).