Credit Union Act 1997

76A

F139 [ Strategic plan.

76A. (1) The board of directors of a credit union shall cause to be prepared and shall adopt a plan (in this Act referred to as a strategic plan ) which documents the strategy and objectives of the credit union (in this Act referred to as the strategic objectives ) and indicates how those strategic objectives are to be achieved.

(2) A strategic plan shall include

( a ) the objectives of the credit union s activities for a specified period of at least 3 years,

( b ) the nature and scope of the activities to be undertaken,

( c ) the strategies and policies for achieving those objectives,

( d ) the targets and criteria for assessing the performance of the credit union,

( e ) the financial projections for the credit union for a specified period of at least 3 financial years from, and including, the current financial year together with the supporting financial analysis and assumptions made,

( f ) the funding strategy proposed to support the projected balance sheet structure, and

( g ) such other matters as may be prescribed by the Bank.

(3) A credit union shall maintain adequate resources, both financial and non-financial, in relation to the nature, scale, complexity and risk profile of the activities being undertaken or to be undertaken in accordance with the strategic plan. ]