Martin Marshalleck Appointed as Administrator to Saint Francis Xavier Credit Union

Kareem Michael

The controversy surrounding the administration and operation of Saint Francis Xavier Credit Union in Corozal played out in the media for several months. During that time, there were protests organized and even physical assaults recorded as a result of the debacle. Registrar Kareem Michael says that the board and management of the credit union were given ample opportunity to address these concerns and because they have not been adequately addressed and all remedies have been exhausted, an administrator had to be appointed. That person is Martin Marshalleck. If the name sounds familiar that is because Marshalleck, a career banker, was recently appointed as Chairman of the Board of Governors of the Karl Heusner Memorial Hospital Authority.  Registrar Michael outlines the roles of the administrator, while stating categorically that the directors and managers of the credit union have no power at this time.

Kareem Michael, Registrar of Credit Unions

“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 credit union 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 directions 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 provide that the directors, officers and the managers of the credit union shall not exercise any of the powers conferred upon them by this act or bylaws during the time that the administrator remains in charge of the conduct of the business of the credit union. The said duties and responsibilities shall be performed by the administrator. Provided that, the administrator may delegate to directors, officers or the managers specific duties as may be necessary to efficiently carry out the business of the credit union.”

The administrator will conduct the business of the credit union until the registrar sees if fit for the management of the credit union affairs resumed by its officers.