North Dakota Code 6-06-15 – Duties and powers of supervisory committee
The supervisory committee, by a majority vote, may call a special meeting of the members of the credit union to consider any matter which it wishes to submit to the membership. The supervisory committee shall:
Terms Used In North Dakota Code 6-06-15
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- Commissioner: means the commissioner of financial institutions. See North Dakota Code 6-01-02
- Credit union: means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition. See North Dakota Code 6-01-02
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
1. Fill vacancies in the committee’s own membership.
2. Make an examination of the affairs of the credit union, including an audit of the credit union’s books, at least annually, and the committee may submit such report to the members of the credit union at a meeting called for that purpose by the committee whenever the committee deems such action necessary.
3. Make an annual audit and report and submit the audit and report at the annual meeting of the credit union.
4. Suspend any officer, director, or member of any committee when by unanimous, not including the person who is being considered for suspension, vote of the committee, such action is determined to be necessary to the proper conduct of the credit union, but upon taking such action, the committee shall call the members of the credit union together immediately to act on the suspension, and the members at the meeting may sustain the suspension and remove the officer permanently or may reinstate the officer, director, or committee member.
5. The commissioner may reject a supervisory committee examination or audit if the examination or audit is determined to be unsatisfactory.
If the bylaws do not provide for the election or appointment of a supervisory committee, the duties and powers described above are the responsibility of and delegated to the board of directors.