The Seychelles Credit Union By-Laws and MEMBERS BENEFIT

BY-LAWS
The Seychelles Credit Union By-Laws is the set of rules governing the internal running of the financial cooperative.  It has been adopted by SCU in order to regulate its affairs and activities.

The By-Laws comprise of rules from membership, shares, borrowing powers, loans to general meetings, board of directors and reserves etc.  It has been documented in the form of a booklet of 32 pages.  Members should take a moment and have a read through.

Please download the Seychelles Credit Union By-Laws and the Credit Union (Amendment) Act, 2015

MEMBERS BENEFIT


Members are the owners of SCU. As a result they have the right to make positive contributions towards the improvement of the financial co-operative both in terms of management and operationsl

MEMBERS BENEFIT


Advantages of being a member of Seychelles Credit Union

The principle of one man one vote is very much in focus as each member regardless of the size of his/her account is entitled to one vote at the Annual General Meeting and can also stand for election for vacant positions on the Board of Directors and Supervisory Committee.
By virtue of joining together to create a pool of savings which can be mobilised to assist and help those in need of finance, members develop a sense of belonging to a big comforting family that can be relied upon during “rainy” days.
SCU exists to serve its members only and services offered are competitive in price and comparable in type to those offered by commercial banks. Such services are provided to members on a one to one basis in a friendly cordial manner.
SCU is a safe haven for your savings and investments. It operates under the Credit Union Act 2009 and Bye-laws made the Act. Apart from having its own Supervisory Committee which members elect, the Central Bank of Seychelles is the Regulator Authority responsible for regulating and supervising the activities of SCU in order to ensure its full compliance with regulations, rules, guidelines in force as well as best management and operational practices.
Your savings and loans up to the value of SCR250,000 are covered under the Savings and Loans Protection Scheme . In the event of death or permanent disability of a member, the beneficiary of the member or the member him/herself, depending on the age of the member at the time of the incident, may benefit twice the amount of his/her savings up to the maximum specified above and any outstanding loan of the member, up to the maximum specified above will be treated as fully repaid.

 as fully repaid.