§ 28-7-1-18 — Duties and powers of supervisory committee; audits; meeting minutes

(a) The supervisory committee shall cause the
share and loan accounts of the members to be verified with the records
of the treasurer at least each biennium. A verification under this
subsection shall be performed using one (1) of the following methods:
(1) A verification of one hundred percent (100%) of the share and
loan accounts of all members.
(2) A verification of share and loan accounts in accordance with
the requirements of the National Credit Union Administration set
forth in 12 CFR 715.8.
(b) The supervisory committee shall supervise the acts of the board
of directors, credit committee, and officers.
(c) By a majority vote, the supervisory committee may call a
meeting of the shareholders to consider any violation of this chapter,
or of the bylaws, or of any practice of the credit union which, in the
opinion of the committee is unsafe and unauthorized.
(d) The supervisory committee shall fill vacancies in its own
number until the next annual meeting of the members.
(e) The supervisory committee of each credit union shall one (1)
time each calendar year make or cause to be made a thorough audit of
the credit union and shall provide a full report of the audit to the credit
union's directors. If a credit union has assets of at least five million
dollars ($5,000,000), the audit required by this subsection must be
performed by an outside certified public accountant. A credit union's
board of directors shall submit the audit report and a complete
statement of the condition of the credit union to the department. The
department may require additional information in connection with an
audit performed under this subsection. The department may require at
any time an audit to be performed upon any credit union by an outside
certified public accountant if the department questions the safety and
soundness of the credit union. A summary of any audit report or
statement of condition prepared under this subsection shall be read at
the annual meeting of the credit union and shall be filed and preserved
with the records of the credit union. The department may establish by
policy or rule the accounting and auditing standards necessary to define
the audit requirements set forth in this section.
(f) Minutes of every meeting of the supervisory committee shall be
kept and maintained.
Formerly: Acts 1961, c.182, s.18. As amended by Acts 1979,
P.L.267, SEC.3; P.L.14-1992, SEC.126; P.L.228-1993, SEC.6;
P.L.263-1995, SEC.16; P.L.192-1997, SEC.19; P.L.11-1998, SEC.18;
P.L.35-2010, SEC.159; P.L.137-2014, SEC.28; P.L.186-2015, SEC.37;
P.L.206-2025, SEC.7.