Payac has a Board of seven directors, six Credit Union Directors nominated / elected by member Credit Unions and these appoint an Independent Chair. Directors are appointed for 3 years.
Payac has a Constitution and a Membership Agreement governing relationships between Payac and participating CU’s and with one another.
Credit Unions have equal ownership of the company.
Each Payac CU has one vote with additional weighted voting rights based on the CU’s number of active current accounts.
Payac will have Service Agreement(s) with CU’s for the provision of support services.