Credit Union Act, 1997

Supervisory Committee: procedural provisions.

59.—(1) A Supervisory Committee shall—

(a) hold at least one meeting in each month;

(b) hold, at least four times in a year, a meeting with the board of directors to review the directors' performance of their functions;

(c) submit, in advance of a meeting referred to in paragraph (b), a written report to the board of directors on the directors' performance of their functions.

(2) Members of the Supervisory Committee shall have the right to attend all meetings of the board of directors and all meetings of committees of the credit union.

(3) A Supervisory Committee may notify the Registrar of any concern it may have as to the proper conduct of the credit union following a unanimous vote at a meeting of the Committee called for the purpose of considering such a notification.

(4) If a casual vacancy arises in the membership of a Supervisory Committee, then, within one month of the vacancy arising, the Committee shall appoint a member of the credit union (who may, if the Committee thinks fit, be a former member of the Committee) to fill the vacancy; and the member so appointed shall hold office until the next general meeting at which an election is held for members of the Supervisory Committee.

(5) Where the secretary of the Supervisory Committee becomes aware that all the members of the Supervisory Committee intend to resign on the same date, he shall give written notice of their intention to the Registrar and the board of directors.

(6) If the secretary of the Supervisory Committee fails to comply with subsection (5), he shall be guilty of an offence.