52.11 SUPERVISORY COMMITTEE; DUTIES.

184 words·~1 min read·/mn/chapter-52/52-11

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

The supervisory committee shall:

(1)make an examination of the affairs of the credit union at least semiannually, in June and December, including an audit of its books and, in the event the committee feels such action to be necessary, it shall call the members together thereafter and submit to them its report;

(2)make an annual report of its audits and submit the same at the annual meeting of the members; and

(3)by unanimous vote, if it deems such action to be necessary to the proper conduct of the credit union, suspend any officer, director, or member of committee, and call the members together to act on the suspension. The members at the meeting may, by majority vote of those present, sustain the suspension and remove an officer permanently, or may reinstate the officer.

By majority vote, the supervisory committee may call a special meeting of the members to consider any matter submitted to it by the committee. The committee shall fill vacancies in its own membership until successors are chosen and qualify at the next annual meeting.