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Amendment of section 66 of Principal Act (officers: suspension and removal by Supervisory Committee)
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36. Section 66 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “after notifying the Bank” for “after consulting the Bank”, and
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(b) by the substitution of the following subsection for subsection (2):
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“(2) Where a director of a credit union has—
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(a) been suspended by the board oversight committee in accordance with subsection (1), and
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(b) within 7 days of that suspension, notified the board oversight committee, in writing, that he or she is aggrieved by the suspension,
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the board oversight committee shall ensure that the secretary of the credit union issues, within 14 days of that notification, a notice of a special general meeting—
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(i) for the purpose of reviewing the suspension, and
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(ii) to consider whether to remove the director having regard to the action or decision taken by that director.”.
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