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This entry was published on 2014-09-22
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SECTION 475
Supervisory committee; powers and duties
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 475. Supervisory committee; powers and duties. 1. The supervisory
committee shall have power:

(a) To suspend at any time by unanimous vote, at a meeting called for
that purpose, any member of the credit committee or any member of the
board of directors or any officer.

(b) By a majority vote to call a meeting of the shareholders to
consider any violation of this article or the bylaws, or any practices
of the credit union which, in the opinion of the committee, are unsafe
or unauthorized.

2. It shall be the duty of the supervisory committee:

(a) To inspect the securities, cash and accounts of the credit union
and supervise the acts of its board of directors, officers and credit
committee.

(b) Within fourteen days after the suspension of any member of the
credit committee or any member of the board of directors or any officer,
to cause notice of a special meeting to be given to the shareholders to
take any action regarding such suspension as may be deemed necessary.

(c) To fill vacancies in the supervisory committee until the next
annual meeting of the shareholders; provided, if such committee is
appointed by the directors, it shall be the duty of the board to fill
any such vacancies in this committee.

(d) Once each fiscal year, at the close of any quarter and not less
than six months after the date of the previous such audit, to make an
audit of the books and records of the credit union for the period
following the most recent audit; to examine fully its business and
affairs and into such other matters as the superintendent may require;
upon the completion of such audit and examination to make full report
thereof in writing, and sworn to by each member of the supervisory
committee, to the board of directors at their next regular meeting after
the completion of such audit and examination, to cause such report to be
filed in the office of the credit union and to give notice to each
member of the board of directors that such report has been filed, to
cause a duplicate of such report to be filed in the office of the
superintendent within ten days after the next regular meeting of the
board of directors, and which report to the board of directors shall
include a statement of the assets and liabilities, receipts and
disbursements of the credit union based upon such audit and examination
and to cause such report to be read at the annual meeting of
shareholders and filed with the records of the credit union; and to keep
full and complete minutes of all business transacted at each of its
meetings. In no case shall a member of the supervisory committee serve
as a loan officer or as a member of the credit committee or as a member
of the board of directors. Such supervisory committee may employ such
assistance in making such examination that they may deem necessary, and,
if the superintendent shall require, the said supervisory committee
shall employ the assistance of independent auditors.

3. Any or all members of the supervisory committee may be removed for
cause by vote of the shareholders at a regular or special meeting
thereof, provided, however, that a written copy of the charges made
against each such member shall have been served upon him personally and
mailed to each shareholder and to the superintendent at least two weeks
before such meeting.