As such, credit union members will determine the fitness and  BIS central bankers’ speeches  3  propriety of elected officers and directors and do not require approval of the Central Bank, unlike what obtains for banks and insurance companies. The Central Bank will supervise the work of the boards to ensure that the determination of fitness and propriety is effective.
•  Second, the Draft Credit Union Bill recognises that credit unions operate on the principle of volunteerism and the board comprises persons from the membership. As a result, there is no requirement for a quorum of independent directors on the board, as required for banks.