Sec. 8. Audit Committee; compliance office

365 words·~2 min read·/bill/117/hr/4413/ih/section-8

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Bank shall establish— a compliance office to carry out oversight of the Bank’s compliance with sections 10 and 11; and an audit committee consisting of 5 members, headed by the chief compliance officer of the Bank. A majority of the Board shall have the authority to appoint and reappoint the CCO of the Bank. The CCO shall have such functions, powers, and duties as may be prescribed by one or more of the following: This Act, the bylaws of the Bank, and the Board. The CCO shall report directly to the Board.

In order to carry out the purposes of the Bank under this Act, the audit committee shall— provide internal controls and internal auditing activities for the Bank; maintain responsibility for the accounting activities of the Bank; issue financial reports of the Bank; and complete reports with outside auditors and public accountants appointed by the Board. The Board shall appoint, remove, fix the compensation, and define the duties of 4 other audit officers to serve on the audit committee.

The CCO and other audit officers shall have demonstrated experience and expertise in one or more of the following: Internal auditing. Internal investigations. Accounting practices. Financing practices. A vacancy in the position of CCO and other audit officers of the audit committee shall be filled in the manner in which the original appointment was made. The compensation of the CCO and other audit officers of the audit committee shall be determined by the Board. The CCO and other audit officers of the audit committee may be removed at the discretion of a majority of the Board.

The CCO and other audit officers of the audit committee shall serve a 6-year term and may be reappointed in accordance with this section. The CCO and other audit officers of the audit committee shall not— hold any other public office; have any interest in an infrastructure project considered by the Board; have any interest in an investment institution, commercial bank, or other entity seeking financial assistance for any infrastructure project from or investing in the Bank; and have any such interest during the 2-year period beginning on the date such officer ceases to serve in such capacity.