(1) A credit union shall have a Supervisory Committee which shall consist of three or five members and shall have the general duty of overseeing the performance by the directors of their functions.
(2) The first Supervisory Committee of a credit union shall be elected by secret ballot at the organisation meeting and, subject to section 62 (4), subsequent vacancies on the Committee shall be filled by secret ballot at an annual general meeting.
(3) The Supervisory Committee shall appoint one of their number as secretary of the Committee.
(4) The term of office of a member of the Supervisory Committee -
(a) shall begin at the conclusion of the general meeting at which the member is elected;
(b) shall not extend beyond the third subsequent annual general meeting; and
(c) subject to paragraph (b) and subsection (5), shall be such as is determined in accordance with the registered rules;
but, except where the registered rules otherwise provide, a retiring member of the Supervisory Commi