Credit Union Act, 1997

Supervisory Committee.

58.—(1) A credit union shall have a Supervisory Committee which shall consist of three or five members and shall have the general duty of overseeing the performance by the directors of their functions.

(2) The first Supervisory Committee of a credit union shall be elected by secret ballot at the organisation meeting and, subject to section 62 (4), subsequent vacancies on the Committee shall be filled by secret ballot at an annual general meeting.

(3) The Supervisory Committee shall appoint one of their number as secretary of the Committee.

(4) The term of office of a member of the Supervisory Committee—

(a) shall begin at the conclusion of the general meeting at which the member is elected;

(b) shall not extend beyond the third subsequent annual general meeting; and

(c) subject to paragraph (b) and subsection (5), shall be such as is determined in accordance with the registered rules;

but, except where the registered rules otherwise provide, a retiring member of the Supervisory Committee shall be eligible for re-election or appointment.

(5) The rules for retirement from the Supervisory Committee shall be as follows:

(a) where the Committee consists of three members, one shall retire at each annual general meeting;

(b) where the Committee consists of five members, two shall retire at each annual general meeting;

(c) subject to paragraph (d), the members to retire at any time shall be those who have served longest since they were last elected; and

(d) as between members who were last elected on the same day, the member (or members) to retire shall be determined by agreement or, in default of agreement, by the drawing of lots.

(6) None of the following shall be a member of a Supervisory Committee of a credit union—

(a) a member of the credit union who is under the age of 18;

(b) a director of the credit union;

(c) an employee of the credit union (full or part-time);

(d) a person who performs any other function in the credit union;

(e) a body corporate.