law: Co-Operative Societies Act 2008 
  56.
  
  Credit Committee
  1.      Every credit union
  
  shall have a Credit Committee which shall be elected by its members at the
  
  annual general meeting.
  2.      The members of a
  
  Credit Committee shall hold office for such term as the by-laws provide and
  
  until their successors are elected.
  3.      The Credit Committee
  
  shall consist of the number of members fixed by the by-laws, which shall be no
  
  fewer than 3.
  4.      No person who is a
  
  member of the Board or of the supervisor committee or who is an employee of the
  
  credit union shall be a member of the Credit Committee.
  5.      A majority of the
  
  Credit Committee, not including the secretary or treasurer, constitutes a
  
  quorum.
  6.      A member entitled to
  
  vote at an election of members of the Credit Committee, if he votes, shall cast
  
  thereat a number of votes equal to, or less than, the number of members of the
  
  Credit Committee to be elected, and the member shall distribute the votes among
  
  the candidates in such manner as he sees fit, but no candidate shall receive
  
  more than one vote from each member.
  7.      Where a vacancy
  
  occurs in the Credit Committee, the Board of Directors may fill the vacancy
  
  until the next annual meeting of the credit union.
  8.      The by- the credit
  
  union may provide for the election and retirement of members of the Credit
  
  Committee in rotation so that no member of the Credit Committee shall be
  
  elected for a term of more than 3 years but no person may serve as a member of
  
  the Credit Committee of a society for more than 2 consecutive terms or an
  
  aggregate of 6 successive years.