Credit Union Act, 1966

Powers and duties of the Supervisory Committee.

17.—(1) The Supervisory Committee of a credit union shall have the general duty of overseeing the performance of their duties by the officers of the credit union.

(2) Without prejudice to the generality of subsection (1) of this section, the Supervisory Committee of a credit union shall—

(a) make or cause to be made not less than twice in the period before the next annual general meeting an examination of the books, papers, records and accounts of the credit union and such examination shall include an inspection of securities, cash accounts and all documents and records relating to loans,

(b) make or cause to be made once in the period before the next annual general meeting a comparison of the passbook or other document or statement of account of every member with the appropriate records of the credit union,

(c) ascertain whether or not all actions and decisions of the officers, relating to the affairs of the credit union, are in accordance with law and with the rules of the credit union,

(d) report in writing to the next annual general meeting of the credit union or, if the Supervisory Committee so thinks fit, sooner to a special general meeting of the credit union the result of its examination and enquiries.

(3) The Supervisory Committee may—

(a) by unanimous vote of its entire membership at a meeting called for the purpose suspend from office any officers of the credit union who have taken any action or decision which in the opinion of the Committee is not in accordance with law or the rules of the credit union; or

(b) whether or not they suspend any officer, convene a special general meeting of the credit union to consider such action or decision.

(4) Whenever an officer of a credit union has been suspended from office by the Supervisory Committee under this section, the Supervisory Committee shall convene a special general meeting of the credit union to be held not later than fourteen days after such suspension.

(5) At a special general meeting held under this section the credit union may, upon the majority of the members present signifying their approval by secret ballot—

(a) ratify a suspension by the Supervisory Committee and remove from office the person so suspended, the vacancy caused by such removal being filled in the manner determined at the meeting,

(b) rescind a suspension by the Supervisory Committee, or

(c) remove from office any officer of the credit union (whether or not he has been suspended by the Supervisory Committee), the vacancy caused by such removal being filled in the manner determined at the meeting;

provided, however, that no person shall be removed from office under this section without being given an opportunity of being heard by the members at the special general meeting.