Credit Union Act 1997

76O

F154 [ Board oversight committee: procedural provisions.

76O. (1) The board oversight committee of a credit union shall hold

( a ) at least one meeting in every month, 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)(a) , 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 the board of directors and all meetings of committees of the credit union.

(5) The board oversight committee shall ensure at least one of its members attends every meeting of the board of directors.

(6) The board oversight committee may notify the Bank of any concern it has, that the board of directors has not complied with any of the requirements set out in this Part or Part IV , or regulations made thereunder, following a unanimous vote at a meeting of the committee called for the purpose of considering such a notification. ]

F155 [ (7) The board oversight committee shall report to the members at the annual general meeting and, if it thinks fit, at a special general meeting, on whether the board of directors has operated in accordance with Part IV and this Part. ]