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

(a) at least one meeting in every 2 months, and

(b) meetings with the board of directors at least 4 times in every year to facilitate it in carrying out the assessment under subsection (2),

and the board oversight committee shall keep minutes of every meeting held by it under paragraphs (a) and (b).

(2) The board oversight committee shall submit, within 2 weeks of any meeting referred to in subsection (1)(b), a written report to the board of directors on their assessment of whether the board of directors has operated in accordance with Part IV and this Part and any regulations relating to Part IV or this Part.

(3) The board oversight committee shall have access, at all times, to the books and documents (including draft documents) of the credit union to enable it to carry out its functions under the Act.

(4) Members of the board oversight committee shall have the right to attend all meetings of -