It outlines fit and proper criteria for directors, term limits, consideration of multiple directorships, and annual attestation of compliance and fit and proper requirements. It also calls for board approval of all policies, assurance of arms-length basis for all transactions and the establishment of additional Risk and Investments committees to support the work of the board.
Finally, very few offences exist under the Co-operative Societies Act. These include corrupt practice and bribery, falsely obtaining, withholding or misapplying property, and dealing with property subject to a charge. Under the Draft Credit Union Bill, the Central Bank has wider enforcement authority.