WHO OWNS THE CREDIT UNION
Every person who joins and saves with the credit union is an owner and should participate in its running. Each member has an equal voice in the running of the credit union.
RESPONSIBILITIES OF MEMBERS
Since its members own the credit union, each member is expected to take a genuine interest and active part in ensuring the organisation is well run.
They can do this by:
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Volunteering to help in the day to day business.
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Attending the Annual General Meeting.
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Asking questions about the running of the credit union.
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Questioning the accounts and dividing the surplus.
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Proposing policies for decision by the members.
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Electing from among themselves persons of trust to run the credit union.
OPERATING PRINCIPLES
Over the years a set of seven co-operative principles have been adopted which provide the framework within which all credit unions operate.
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The democracy principle
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The voluntary principle
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The autonomy principle
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The equity principle
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The mutuality principle
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The universality principle
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The evolution principle
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The democracy principle ensures one member, one vote. Under the voluntary principle no one is compelled to join and through its directors unpaid volunteers manage the credit union. The autonomy principle requires that credit unions should not become dependant on outside assistance. By the principle of equity all members have equal rights, while the evolution principle requires continual review of member services. The mutuality principle ensures that credit unions seek to benefit the whole community while the universality principle provides that the credit union serve the needs of all people regardless of race, religion, gender or financial circumstances.
The main opportunity for members to participate in deciding policies of the credit union is at the annual general meeting. A credit union is a voluntary democratic co-operative organisation and it needs the participation of all its members to make it work and to guarantee the continuous protection of the savings entrusted to it.
Regulated by FSA 213925 - South Warwickshire Credit Union Limited | 
