Sec. 210. Audit committee
346 words·~2 min read·
/bill/119/hr/5356/ih/section-210·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Bank shall establish an audit committee consisting of 5 members, headed by the chief compliance officer. A majority of the Board shall have the authority— to appoint the members of the audit committee; and to define the duties of the chief compliance officer and each remaining member of the audit committee in accordance with this Act, the bylaws of the Bank, and requirements of the Board. Each member of the audit committee shall have demonstrated experience and expertise in 1 or more of the following:
Internal auditing. Internal investigations. Accounting practices. Financing practices. The chief compliance officer shall— have such functions, powers, and duties as may be prescribed by this Act, the bylaws of the Bank, and the Board; and report directly to the Board. The audit committee shall— provide internal controls and internal auditing activities for the Bank; maintain responsibility for the accounting activities of the Bank; conduct internal investigations of the business activities of the Bank; issue financial reports of the Bank; and complete reports with outside auditors and public accountants appointed by the Board.
A vacancy on the audit committee shall be filled in the manner in which the original appointment was made. The compensation of a member of the audit committee shall be determined by the Board. A member of the audit committee may be removed at the discretion of a majority of the Board. A member of the audit committee shall serve a term of 6 years and may be reappointed in accordance with this section. During the period described in paragraph (2), a member of the audit committee may not— hold any other public office; have any interest in an infrastructure project considered by the Board; or have any interest in an investment institution, commercial bank, or other entity seeking financial assistance from the Bank for any infrastructure project.
The period referred to in paragraph
(1)is the period— beginning on the date on which the member of the audit committee is appointed; and ending on the date on which the member ceases to serve on the audit committee.