(1) The Principal Act is amended by inserting the following Part after Part IV:

"Part IVA Board Oversight Committee

76L. Board oversight committee.

Every credit union shall have a committee (in this Act referred to as a ‘board oversight committee’) which shall -

(a) consist of 3 or 5 members elected in accordance with section 76N, and

(b) exercise the functions assigned to it by this Part.

76M. Functions of board oversight committee.

A board oversight committee of a credit union shall assess whether the board of directors has operated in accordance with -

(a) Part IV, this Part and any regulations made for the purposes of Part IV or this Part, and

(b) any other matter prescribed by the Bank in respect of which they are to have regard to in relation to the board of directors.

76N. Election of board oversight committee, etc.

(1) The board oversight committee of a credit union shall be elected -

(a) where the organisation meeting occurs after the commencement of this provision, by secret ballot at the organisation meeting and, subject to section 76R(4), subsequent vacancies on the board oversight committee shall be filled by secret ballot at an annual general meeting,