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Succession Plan Policy



This policy was adopted by the Board of Directors of Armagh Credit Union
Limited.



Signed:-

Position ________________


Position ________________





Date:








Purpose

It is the responsibility of Board of Directors of Armagh Credit Union to
emphasize the importance of continuity of management and leadership, and
have a policy in place to ensure the smooth transition of authority in the
case of the departure from Credit Union for example the Manager and/or a
Director/a member of the Senior Management Team.

Unplanned Departure

If the departure of for example the Manager or other key staff is unplanned
and without warning, the President of the Board of Directors (in their
absence the Secretary or Treasurer) will immediately arrange a special
Board of Directors Meeting followed by a full staff meeting to communicate
the situation and the Board's decisions and planned response. The employees
will be reminded that the Board of Directors is responsible for any
communication related to the situation. Explanations of how the staff
should handle the situation with members, vendors, etc. will be provided.

Considerations for discussion include:
Reason for departure
A statement will be issued to employees that they will be authorized to
give in response to queries from members, vendors and others interested
parties.
Staff will be told to pass more detailed queries (e.g. Press) to a
nominated Director (e.g. President/Secretary/Treasurer)
Person(s) in charge
Projected process for recruitment of the Manager and/or key personnel with
anticipated time frames
When and how additional information will be provided

Special Board of Directors Meeting

The President will call a special meeting of the Board of Directors as soon
as possible, but to be held no more than three working days after the
Manager's and/or key personnel's departure. If the President is
unavailable, then all duties fall to a member of the Executive Committee.
In the event of fraud or potential fraud the Board should inform the all
the relevant statutory bodies, banks, accountants.

At this special board meeting, the Board of Directors will name an interim
manager or nominate the management team to conduct the business of Credit
Union. During this time, the management team will continue to conduct
business as usual. Either at the special meeting or at the next regularly
scheduled board meeting, the Board of Directors will address:
. Forming a search committee or hiring an outside consulting firm,
. Deciding on the time frame, within which they will work to replace the
person,
. Advertising outside Credit Union, the geographical area or state to fill
the position, and
. Making an announcement to the employees on the status and the procedures
of the search.
The remaining management team, (e.g. Treasurer, Manager, and/or Assistant
Manager, the President, Board staff liaison officer and staff will be
jointly responsible for the operations of the Credit Union until the Board
of Directors makes an appointment. If a conflict of decisions comes up
between management team members, the problem will then be brought to the
full Board for a final decision.

The President and the management team will determine the need to:
. Change combinations
. Change or delete security codes
. Change door locks
. Change computer passwords where necessary: (e.g., system server, data
processor, Corporate Credit Union and other Internet accounts)
----Acquire or change Any Remote Data storage and Computer equipment;
Retrieve property, policies and equipment from employees, board members and
committee members.

If necessary, notification will be provided to the ILCU and the CU's banks.

Loss of Directors

The Board have in placed a Nominations Committee whose task is to look at
the skill base of the Directors and take suggested nominations to the full
Board. Upon completion of FCA/PRA formal procedures, the new recruits join
one or more of the credit unions sub committees before being invited to
join the Board initially in a shadowing capacity before replacing a
retiring Director. The Board asks that Directors give (if possible) 12
months notice of retirement. The Board should annually review its total
membership capacity and if necessary take a motion to the next AGM to
change its membership number.

Loss of Supervisors

The Nominations Committee seek candidates for the Committee of Supervisors,
any such names should be passed to the Head Supervisor for consideration by
their committee.

Replacing Directors, Volunteers and Supervisors

The Nominations will people with a range of skills to complement the
present Directors, Volunteers and Supervisors. Upon acceptance by the
Board, each new recruit will complete the required PRA forms which must be
counter-signed by the Board's compliance officer. Upon getting the required
clearance from the PRA, the new people will required to spend at least one
year on either the Credit Committee or the Internal Audit Committee
(Supervisors), after which time they may become Directors when a vacancy
occurs.

Replacing the Manager

One or two staff should be trained in the working of all aspects of the
computer system including accounts. The Board must ensure that succession
plans are in place.