Credit Union Act, 1997
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Supervisory Committee: supplemental provisions. |
62.—(1) A register of the members of the Supervisory Committee shall be kept by the secretary of the credit union and shall be signed by each member of the Supervisory Committee after an annual general meeting or, in the case of a member appointed to fill a casual vacancy, after his appointment. | |
(2) In the event that the number of members of the Supervisory Committee falls to less than half the number specified in the registered rules, the secretary of the Supervisory Committee shall forthwith notify the Registrar and the board of directors. | ||
(3) The acts of a member of the Supervisory Committee of a credit union shall be valid notwithstanding any defect in the election or appointment of the member which may subsequently be discovered. | ||
(4) Where any of the following events occurs— | ||
(a) the secretary of the Supervisory Committee has given notice that all the members of the Supervisory Committee intend to resign on the same date; | ||
(b) all the members of the Supervisory Committee have been removed or suspended in accordance with section 96 (1); or | ||
(c) there are no members of the Supervisory Committee, | ||
the board of directors shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a Supervisory Committee. | ||
(5) If the special general meeting referred to in subsection (4) is not convened in accordance with the provisions of that subsection, the Registrar may convene such a special general meeting under section 92 (1)(b). | ||
(6) A credit union shall meet all such expenses as may be reasonably incurred by its Supervisory Committee in carrying out its function. | ||
Officers |