§ 475 — Supervisory committee; powers and duties

§ 475. Supervisory committee; powers and duties. 1. The supervisory\ncommittee shall have power:\n (a) To suspend at any time by unanimous vote, at a meeting called for\nthat purpose, any member of the credit committee or any member of the\nboard of directors or any officer.\n (b) By a majority vote to call a meeting of the shareholders to\nconsider any violation of this article or the bylaws, or any practices\nof the credit union which, in the opinion of the committee, are unsafe\nor unauthorized.\n 2. It shall be the duty of the supervisory committee:\n (a) To inspect the securities, cash and accounts of the credit union\nand supervise the acts of its board of directors, officers and credit\ncommittee.\n (b) Within fourteen days after the suspension of any member of the\ncredit committee or any member of the board of directors or any officer,\nto cause notice of a special meeting to be given to the shareholders to\ntake any action regarding such suspension as may be deemed necessary.\n (c) To fill vacancies in the supervisory committee until the next\nannual meeting of the shareholders; provided, if such committee is\nappointed by the directors, it shall be the duty of the board to fill\nany such vacancies in this committee.\n (d) Once each fiscal year, at the close of any quarter and not less\nthan six months after the date of the previous such audit, to make an\naudit of the books and records of the credit union for the period\nfollowing the most recent audit; to examine fully its business and\naffairs and into such other matters as the superintendent may require;\nupon the completion of such audit and examination to make full report\nthereof in writing, and sworn to by each member of the supervisory\ncommittee, to the board of directors at their next regular meeting after\nthe completion of such audit and examination, to cause such report to be\nfiled in the office of the credit union and to give notice to each\nmember of the board of directors that such report has been filed, to\ncause a duplicate of such report to be filed in the office of the\nsuperintendent within ten days after the next regular meeting of the\nboard of directors, and which report to the board of directors shall\ninclude a statement of the assets and liabilities, receipts and\ndisbursements of the credit union based upon such audit and examination\nand to cause such report to be read at the annual meeting of\nshareholders and filed with the records of the credit union; and to keep\nfull and complete minutes of all business transacted at each of its\nmeetings. In no case shall a member of the supervisory committee serve\nas a loan officer or as a member of the credit committee or as a member\nof the board of directors. Such supervisory committee may employ such\nassistance in making such examination that they may deem necessary, and,\nif the superintendent shall require, the said supervisory committee\nshall employ the assistance of independent auditors.\n 3. Any or all members of the supervisory committee may be removed for\ncause by vote of the shareholders at a regular or special meeting\nthereof, provided, however, that a written copy of the charges made\nagainst each such member shall have been served upon him personally and\nmailed to each shareholder and to the superintendent at least two weeks\nbefore such meeting.\n