Maine § 9-B §844 Supervisory committee or independent public accountant

Maine Statutes

§ 9-B §844 — Supervisory committee or independent public accountant

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 8 CREDIT UNIONS·Ch. 84 MANAGEMENT AND OPERATIONS

1.Duties of supervisory committee. If a supervisory committee is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union, shall examine or cause to be examined carefully the cash and accounts of the credit union annually, and shall report to the board of directors its findings, together with its recommendations. The supervisory committee shall hold meetings at least once each quarter and shall keep records of the meetings. The supervisory committee shall make an annual report at the annual meeting of members of the credit union. 1-A. Duties of independent public accountant. If the board of directors employs an independent public accountant, the annual audits must be conducted pu

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1.
Duties of supervisory committee.
If a supervisory committee is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union, shall examine or cause to be examined carefully the cash and accounts of the credit union annually, and shall report to the board of directors its findings, together with its recommendations. The supervisory committee shall hold meetings at least once each quarter and shall keep records of the meetings. The supervisory committee shall make an annual report at the annual meeting of members of the credit union.
1-A.
Duties of independent public accountant.
If the board of directors employs an independent public accountant, the annual audits must be conducted pursuant to section 453. Verification of share, deposit and loan accounts must be conducted pursuant to this section.
2.
Verification of share, deposit and loan accounts.
3.
Meetings.
4.
Annual report.
5.
Exception.
Notwithstanding the provisions of subsections 1 and 1‑A, any credit union that has total assets in excess of $100,000,000 must employ an independent public accountant to conduct an annual audit of the credit union in accordance with section 453.
6.
Rulemaking.
The superintendent may adopt rules to further define the duties of the supervisory committee. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.

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