Credit Union Act, 1966

Organisation meeting, election of directors, Supervisory Committee and auditors.

12.—(1) A credit union shall have a board of directors and a Supervisory Committee.

(2) Not later than one month after the registration of a credit union the signatories to the application to register the credit union under the Principal Act shall summon by notice in writing to a meeting (which shall be known and is in this Act referred to as the organisation meeting) all persons who on the date of issue of the notice were members of the credit union.

(3) The notice required by subsection (2) of this section shall state the date, time and place of the meeting and shall, not later than seven days and not earlier than ten days before the date of the organisation meeting, be handed to each member or posted or sent to him at his address as recorded in the books of the credit union.

(4) The members of a credit union present at the organisation meeting shall elect by secret ballot not less than five members of the credit union to be directors thereof.

(5) At an annual general meeting of a credit union the members present shall by secret ballot fill any vacancy on the board of directors.

(6) At the organisation meeting and at each annual general meeting of a credit union the members thereof present shall elect by secret ballot three members to form the Supervisory Committee and to carry out such functions and exercise such powers as are assigned to the Supervisory Committee by or under this Act.

(7) The Supervisory Committee shall not include among its members the treasurer of the credit union or more than one director thereof.

(8) The members of the Supervisory Committee shall hold office until the conclusion of the next annual general meeting and any casual vacancy on the Supervisory Committee shall be filled by the remaining members thereof by appointment from among the members of the credit union and the person so appointed shall hold office until the conclusion of the next annual general meeting.

(9) At the organisation meeting and at each annual general meeting of a credit union the members thereof present shall elect by secret ballot an auditor to hold office until the conclusion of the next annual general meeting, but the board of directors may fill any casual vacancy in the office of auditor.

(10) Subsections (3), (4) and (5) of section 19 (excluding any reference to the auditor), and section 20 , of this Act shall apply to the organisation meeting as if it were an annual general meeting of the credit union.