17-2211.Duties of supervisory committee; annual and supplementary audits;
acceptance of certain audits.
(a) The supervisory committee shall supervise the acts of the board of
directors, credit committee and officers. The supervisory committee may
suspend by a unanimous vote any officer of the credit union or any member
of the credit committee or the board of directors, until the next members'
meeting, which members' meeting shall be held not less than seven nor more
than 21 days after such suspension, and at which meeting such suspension
shall be acted upon by the members.
(b) By a majority vote the supervisory committee may call a meeting of
the shareholders to consider any violation of this act or of the bylaws, or
any practice of the credit union which, in the opinion of the committee, is
unsafe and unauthorized.
(c) The committee shall fill vacancies in their own number
until the next annual meeting of the members or vacancies shall be filled
in such a manner as is provided in the bylaws.
(d) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make or cause to be made a thorough
annual audit of the receipts, disbursements, income, assets and liabilities of
the credit union and shall make a full report to the directors, which report
shall be presented at the annual meeting and shall be filed and preserved
with the records of the credit union. The supervisory committee shall make
or cause to be made such supplementary audits as it deems necessary or as
may be ordered by the administrator, and submit reports of the
supplementary audits to the board of directors. The administrator may
accept in lieu of any required audit, an audit by a certified public
accountant or other independent accountant.
(e) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make, or cause to be made, a
certification of members' accounts using either of the following methods:
(1) A controlled certification of 100% of members' accounts at least
once each two years; or
(2) a controlled random statistical sampling in accordance with
American institute of certified public accountants' guidelines which tests
sufficient accounts in number and scope to assure accuracy of the members'
accounts at least once each year.
History: L. 1929, ch. 141, § 11; L. 1941, ch. 181, § 3; L.
1957, ch. 152, § 4; L. 1965, ch. 153, § 3; L. 1970, ch. 87, § 1;
L. 1981, ch. 101, § 3; L. 1989, ch. 77, § 1;
L. 1995, ch. 128, § 3; July 1.
17-2211.Duties of supervisory committee; annual and supplementary audits;
acceptance of certain audits.
(a) The supervisory committee shall supervise the acts of the board of
directors, credit committee and officers. The supervisory committee may
suspend by a unanimous vote any officer of the credit union or any member
of the credit committee or the board of directors, until the next members'
meeting, which members' meeting shall be held not less than seven nor more
than 21 days after such suspension, and at which meeting such suspension
shall be acted upon by the members.
(b) By a majority vote the supervisory committee may call a meeting of
the shareholders to consider any violation of this act or of the bylaws, or
any practice of the credit union which, in the opinion of the committee, is
unsafe and unauthorized.
(c) The committee shall fill vacancies in their own number
until the next annual meeting of the members or vacancies shall be filled
in such a manner as is provided in the bylaws.
(d) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make or cause to be made a thorough
annual audit of the receipts, disbursements, income, assets and liabilities of
the credit union and shall make a full report to the directors, which report
shall be presented at the annual meeting and shall be filed and preserved
with the records of the credit union. The supervisory committee shall make
or cause to be made such supplementary audits as it deems necessary or as
may be ordered by the administrator, and submit reports of the
supplementary audits to the board of directors. The administrator may
accept in lieu of any required audit, an audit by a certified public
accountant or other independent accountant.
(e) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make, or cause to be made, a
certification of members' accounts using either of the following methods:
(1) A controlled certification of 100% of members' accounts at least
once each two years; or
(2) a controlled random statistical sampling in accordance with
American institute of certified public accountants' guidelines which tests
sufficient accounts in number and scope to assure accuracy of the members'
accounts at least once each year.
History: L. 1929, ch. 141, § 11; L. 1941, ch. 181, § 3; L.
1957, ch. 152, § 4; L. 1965, ch. 153, § 3; L. 1970, ch. 87, § 1;
L. 1981, ch. 101, § 3; L. 1989, ch. 77, § 1;
L. 1995, ch. 128, § 3; July 1.
17-2211.Duties of supervisory committee; annual and supplementary audits;
acceptance of certain audits.
(a) The supervisory committee shall supervise the acts of the board of
directors, credit committee and officers. The supervisory committee may
suspend by a unanimous vote any officer of the credit union or any member
of the credit committee or the board of directors, until the next members'
meeting, which members' meeting shall be held not less than seven nor more
than 21 days after such suspension, and at which meeting such suspension
shall be acted upon by the members.
(b) By a majority vote the supervisory committee may call a meeting of
the shareholders to consider any violation of this act or of the bylaws, or
any practice of the credit union which, in the opinion of the committee, is
unsafe and unauthorized.
(c) The committee shall fill vacancies in their own number
until the next annual meeting of the members or vacancies shall be filled
in such a manner as is provided in the bylaws.
(d) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make or cause to be made a thorough
annual audit of the receipts, disbursements, income, assets and liabilities of
the credit union and shall make a full report to the directors, which report
shall be presented at the annual meeting and shall be filed and preserved
with the records of the credit union. The supervisory committee shall make
or cause to be made such supplementary audits as it deems necessary or as
may be ordered by the administrator, and submit reports of the
supplementary audits to the board of directors. The administrator may
accept in lieu of any required audit, an audit by a certified public
accountant or other independent accountant.
(e) Subject to rules and regulations adopted by the administrator, the
supervisory committee shall make, or cause to be made, a
certification of members' accounts using either of the following methods:
(1) A controlled certification of 100% of members' accounts at least
once each two years; or
(2) a controlled random statistical sampling in accordance with
American institute of certified public accountants' guidelines which tests
sufficient accounts in number and scope to assure accuracy of the members'
accounts at least once each year.
History: L. 1929, ch. 141, § 11; L. 1941, ch. 181, § 3; L.
1957, ch. 152, § 4; L. 1965, ch. 153, § 3; L. 1970, ch. 87, § 1;
L. 1981, ch. 101, § 3; L. 1989, ch. 77, § 1;
L. 1995, ch. 128, § 3; July 1.
