It has been taken over by an administrator, but today, business continued as usual at the Saint Francis Xavier Credit Union which is headquartered in Corozal town with branches Sarteneja, San Pedro and Caye Caulker.
But while they have been ousted for the time being - the Board of Directors is not going quietly. They issued a release on Saturday saying that the Governor of the Central Bank of Belize unilaterally suspended them and quote, "took (a) decision to violate the rights of each and every registered member who are the sole owners…"
7news has confirmed that the Board has retained Dean Barrow as its attorney and intends to file an application for judicial review of the Central Bank's decision to appoint an administrator.
But the administrator, Martin Marshalleck is in place, and - according to our reports - is running the operation with tight controls. On Friday, the Registrar of Credit Unions, Governor Kareem Michael outlined powers he's been given:
Kareem Michael, Governor, Central Bank
"The administrator Mr Marshalleck will have the powers of all or any duties of the officers of the credit union. It is important that again we sketch what his responsibilities and roles will be under this framework. The administrator is required to take all steps and do all things necessary to protect the equities of the members and the rights of creditors of the credit union. The administrator shall ensure that normal services and operations of the CreditUnion are maintained, he will be responsible to the registrar and carry out all orders and directions of the registrar to the credit union to the extent I deem it necessary I shall as registrar give direction to the administrator I consider to be desirable in the interest of the members and potential members of the credit union. We are guided by the provisions of the credit union act which provides that the directors, officers, and the manager of the credit union shall not. Exercise any of the powers conferred upon them by this act or by-laws during the time that the administrator remains in charge of the conduct of the business of the credit union."
"I anticipate that the administrator will delegate specific duties and responsibilities to Such directors, officers, and managers as he deems necessary."
