People in Maghera Credit Union

The Board of Directors

The Board of Directors are the effective managers of the Credit Union. They oversee the security of members' shares and arrange for the strategic banking of surplus funds. All members are elected for a period of three years in a rotational order. This means that Board members must stand down after three years in office to allow potential new Board members the opportunity to be elected. However, it is not unusual for good, hard-working members to be re-elected for a second or even more terms in office!



The elected Board of the Credit Union meet at very regular intervals during the financial year. They also arrange for external examination of their books by accredited accountants to make sure that members' funds remain secure and equitable. 

 The Annual General Meeting

The Annual General Meeting is the most important meeting that the Credit Union can hold. All of the shareholders/members are invited and should make a good effort to attend to see how their mutually-owned business is progressing.

They will not be press-ganged into joining the Board if they do not want to - but they will come away with a much greater insight to the bigger financial world and the work that needs to be done to make safe judgements on their families' future security.  




   “A Credit Union is not an ordinary financial concern, seeking to enrich its members at the expense of the general public.

   Neither is it a Loan Company, seeking to make a profit at the expense of the unfortunates…

   The Credit Union is nothing of the kind; it is the expression in the field of economics of a high social ideal.”

 Alphonse Desjardins
(Mayor of Montreal 1893)