Credit Union Act 1997
F158 [ Board oversight committee: supplementary provision.
76R. — (1) A register of the members of the board oversight committee shall be kept by the secretary of the credit union and shall be signed by each member of the board oversight committee after an annual general meeting or, in the case of a member appointed to fill a casual vacancy, after such member ’ s appointment.
(2) In the event that the number of members of the board oversight committee falls to less than half the number specified in the registered rules, the secretary of the committee shall forthwith notify the Bank and the board of directors.
(3) The acts of a member of the board oversight committee of a credit union shall be valid notwithstanding any defect in the election or appointment of the member which may subsequently be discovered.
(4) Where any of the following events occur —
( a ) the secretary of the board oversight committee has given notice under section 76N(3) that all the members of the committee intend to resign on the same date,
( b ) all the members of the board oversight committee have been removed or suspended in accordance with section 96(1) , or
( c ) there are no members of the board oversight committee,
then the board of directors shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board oversight committee.
(5) If the special general meeting referred to in subsection (4) is not convened in accordance with that subsection, the Bank may convene such a special general meeting under section 92(1)(b) .
(6) A credit union shall meet all such expenses as may be reasonably incurred by its board oversight committee in carrying out its function. ]