The supervisory committee, by a majority vote, may call a special meeting of the members
of the credit union to consider any matter which it wishes to submit to the membership. The supervisory committee shall:
1. Fill vacancies in the committee's own membership.
2. Make an examination of the affairs of the credit union, including an audit of the
credit union's books, at least annually, and the committee may submit such report
to the members of the credit union at a meeting called for that purpose by the committee
whenever the committee deems such action necessary.
3. Make an annual audit and report and submit the audit and report at the annual meeting
of the credit union.
4. Suspend any officer, director, or member of any committee when by unanimous, not
including the person who is being considered for suspension, vote of the committee,
such action is determined to be necessary to the proper conduct of the credit union,
but upon taking such action, the committee shall call the members of the credit union
together immediately to act on the suspension, and the members at the meeting may
sustain the suspension and remove the officer permanently or may reinstate the officer,
director, or committee member.
5. The commissioner may reject a supervisory committee examination or audit if the
examination or audit is determined to be unsatisfactory.
If the bylaws do not provide for the election or appointment of a supervisory committee,
the duties and powers described above are the responsibility of and delegated to the
board of directors.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.