State Codes and Statutes
Statutes > Rhode-island > Title-19 > Chapter-19-5 > 19-5-14SECTION 19-5-14
§ 19-5-14 Powers and duties of supervisorycommittee. – (a) The supervisory committee shall make or cause to be made an annual auditand shall submit a report of that audit to the board of directors and a summaryof the report to the members at the next annual meeting of the credit union.
(b) Following a detailed investigation performed by thesupervisory committee that leads the supervisory committee to reasonablyconclude that a violation of this chapter or of the by-laws, or any practice ofthe credit union is unsafe or unauthorized, the supervisory committee byunanimous vote may suspend the credit committee, any director, or any officerselected by the board of directors. Written notice of any such suspension shallbe given to the director or the director's designee and the deposit insuringagency by registered mail or hand-delivery within twenty-four (24) hours of thevote to suspend. The suspension shall remain in place until the next meeting ofthe credit union membership called pursuant to its by-laws.
(c) If the supervisory committee of a credit union is electedby the membership, the supervisory committee shall fill vacancies in its ownnumber until the next annual meeting of the credit union members. If thesupervisory committee of a credit union is appointed by the board of directors,the board of directors shall fill vacancies in accordance with the creditunion's by-laws.
