Financial Institutions

Credit Unions

SECTION 19-5-14

§ 19-5-14. Powers and duties of supervisory committee.

(a) The supervisory committee shall make, or cause to be made, an annual audit and shall submit a report of that audit to the board of directors and a summary of the report to the members at the next annual meeting of the credit union.

(b) Following a detailed investigation performed by the supervisory committee that leads the supervisory committee to reasonably conclude that a violation of this chapter or of the bylaws, or any practice of the credit union is unsafe or unauthorized, the supervisory committee, by unanimous vote, may suspend the credit committee, any director, or any officers elected by the board of directors. Written notice of any such suspension shall be given to the director, or the director's designee, and the deposit insuring agency by registered mail or hand-delivery within twenty-four (24) hours of the vote to suspend. The suspension shall remain in place until the next meeting of the credit union membership called pursuant to its bylaws.

(c) If the supervisory committee of a credit union is elected by the membership, the supervisory committee shall fill vacancies in its own number until the next annual meeting of the credit union members. If the supervisory committee of a credit union is appointed by the board of directors, the board of directors shall fill vacancies in accordance with the credit union's bylaws.

History of Section.
(P.L. 1995, ch. 82, § 43; P.L. 1997, ch. 98, § 5; P.L. 2006, ch. 622, § 1.)