§ 23-35-307 — Supervisory committee

(a) The supervisory committee of the credit union shall make or cause to be made, at least annually: (1) An examination of the affairs of the credit union, including an audit of its books; (2) A report of its annual examination to the board of directors of the credit union; and (3) An audit, a report of which shall be submitted to members at the next annual meeting of the credit union. (b) The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer at least once a year. The term "passbook" shall include any book, statement of accounts, or other pertinent or related record. (c) The supervisory committee may suspend, by a unanimous vote, any officer of the credit union or any member of the credit committee or of the board, until the next members' meeting, which shall not be less than seven (7) days nor more than fourteen (14) days after the suspension. At the meeting, the suspension shall be acted upon by the members. (d) The supervisory committee may call, by a majority vote, a special meeting of the members to consider any violation of this chapter, the charter, the bylaws, or any practice of the credit union deemed by the committee to be unsafe or unauthorized. (e) Any member of the supervisory committee may be suspended by the board, upon majority vote. The members shall decide, at a meeting held not less than seven (7) days nor more than fourteen (14) days after the suspension, whether the suspended committee member shall be removed from or restored to the supervisory committee.

Legislative History

Acts 1971, No. 132, § 17; 1979, No. 206, § 6; A.S.A. 1947, § 67-917.