Part IV of the Principal Act is amended by inserting the following after section 76:

"Additional requirements for credit unions

76A. Strategic plan.

(1) The board of directors of a credit union shall cause to be prepared and shall adopt a plan (in this Act referred to as a ‘strategic plan’) which documents the strategy and objectives of the credit union (in this Act referred to as the ‘strategic objectives’) and indicates how those strategic objectives are to be achieved.

(2) A strategic plan shall include -

(a) the objectives of the credit union’s activities for a specified period of at least 3 years,

(b) the nature and scope of the activities to be undertaken,

(c) the strategies and policies for achieving those objectives,

(d) the targets and criteria for assessing the performance of the credit union,

(e) the financial projections for the credit union for a specified period of at least 3 financial years from, and including, the current financial year together with the supporting financial analysis and assumptions made,

(f) the funding strategy proposed to support the projected balance sheet structure, and

(g) such other matters as may be prescribed by the Bank.