Version status: Deleted | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
  Version 4 of 4    

59. Supervisory Committee: procedural provisions.

Deleted from 11 October 2013

(1) A Supervisory Committee shall -

(a) hold at least one meeting in each month;

(b) hold, at least four times in a year, a meeting with the board of directors to review the directors' performance of their functions;

(c) submit, in advance of a meeting referred to in paragraph (b), a written report to the board of directors on the directors' performance of their functions.

(2) Members of the Supervisory Committee shall have the right to attend all meetings of the board of directors and all meetings of committees of the credit union.

(3) A Supervisory Committee may notify the Bank of any concern it may have as to the proper conduct of the credit union following a unanimous vote at a meeting of the Committee called for the purpose of considering such a notification.

(4) If a casual vacancy arises in the membership of a Supervisory Committee, then, within one month of the vacancy arising, the Committee shall appoint a member of the credit union (who may, if the Committee thinks fit,