(1) In this section "a society to which this section applies" means a registered society of a class in relation to which regulations under subsection (2) of this section apply.
(2) The Minister may, by regulations, require that each society of a specified class or specified classes of registered society operating a loan fund under section 46 of the Principal Act shall, immediately after the first annual general meeting of the society to be held on or after a specified date, have a supervisory committee.
(3) At the first annual general meeting of a society to which this section applies to be held on or after the date specified in regulations under subsection (2) of this section in relation to a class of registered society to which that society belongs, and at each third subsequent annual general meeting of the society, the members of the society present shall elect by secret ballot three members to form the supervisory committee of the society and the committee shall carry out functions
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