In these bye-laws, unless the context otherwise requires, “Decree” means the Cooperative Societies Decree NLCD 252 of 1968, and Regulations of 1968 and such amendments as apply from time to time. Where no express mention is made these by-laws are meant to be read subject to such Decree, Regulations and their amendments.

Bye-Law: Means the Registered by-laws of the Union

Registrar:Means the Registrar of Cooperative Union

The Name of the Union shall be Controller and Accountant-General Employees Co-operative Credit Union (CAGECCU). Its area of operation shall be

The objectives of the Union are:
a) to promote thrift among its members by providing a means of savings
b) to provide loans to its members for provident or productive purposes at fair but competitive rate of interest
c) to provide quality financial services to its members

Every member must subscribe to a minimum share capital.This shall be determined from time to time by the Management Board. This amount can only be withdrawn on resignation and after giving a minimum of ninety (90) days notice in writing of the member’s intention to withdraw.

Members may receive dividend on their shares at the end of the financial year which may be paid into savings account or declared as bonus shares.

The savings balance of any one member shall not exceed 20% of the total savings of the Union or as determined by the Management Board from time to time.

• Amounts exceeding the usual cash on hand of the Union can only be withdrawn after a period determined by the Management Board.
• Savings cannot be withdrawn if they are frozen to guarantee a loan.
• Neither can savings be withdrawn if the member’s indebtedness is greater than the member’s savings.
• Interest on savings shall be determined by the Management Board from time to time.

• The Union shall grant loans to its members.
• Loans shall be granted for any worthwhile purpose. Productive or provident.
• Application for loans must be in writing on the prescribed forms.
• For the first six (6) months of membership, members shall receive loans not exceeding their savings.
• Repayment for facilities above GH¢19,999.00 is thirty-six months and amounts below is twenty four to thirty months. The interest rate on loan is 2.25% per month on the diminishing balance.
• The Management Board shall determine the maximum loan to be granted to a member from time to time, however no individual shall be allowed to borrow more than 20% of the total savings of the union.
• Loans shall be secured by the borrower’s own savings.
• A wage assignment may be used as guarantee to a loan. A wage assignment is a written agreement between the borrower, the employer and Credit Union whereby the employer agreesto reimburse the Credit Union for any amount of the employee’s salary pledged against any unpaid or overdue loan balance.
• Members shall be charged an interest on loans at competitive rates. However, the minimum interest rate to be charged shall be determined from time to time by the credit union movement.
• In case a loan is not repaid according to the terms of the loan bond, the borrower shall be liable to pay the collection expenses. In case a loan is not repaid according to the terms of the loan bond, the borrower may be liable to pay fines not exceeding 10% per annum of the unpaid balance.

The top Management of the Union consists of the Board, Loans Committee, and the Supervisory Committee. The Board is responsible for the formulation of policies. The Loans Committee has the responsibility over the loans administration and the supervisory committee performs the role of the internal auditors, that is, the Committee’s role is to ensure that the Management Board works in the best interests of the members and within the law.

The Committee checks the books of the Credit Union and evaluates its operation. These three committees in managing the day-to-day affairs of the Union receive support from the very qualified and competent staff.

• Years of collective experience in successfully managing members savings and shares.
• Voted by CUA as the most viable credit union in 2008/2009.
• Adjudged by CUA as the Credit Union with the biggest asset size in 2014 till date.
• Focus on maximizing risk adjusted returns through an active portfolio management.
• Ability to provide timely loans.

Currently (as at January 2017), membership of the Credit Union stands at 6,278, with an Asset base of Ghc 68 million