26-2121 SUPERVISORY COMMITTEE. - Idaho Statutes

TITLE 26

BANKS AND BANKING

CHAPTER 21

IDAHO CREDIT UNION ACT

26-2121. Supervisory committee. (a) The supervisory committee shall make or cause to be made, at least annually, an examination of the affairs of the credit union, including an audit of its accounting records and reports; shall submit a written report of its annual examination and audit to the board and to the members at the next annual meeting of the credit union.

(b) The supervisory committee shall cause the passbook and accounts of the members to be verified with the records of the treasurer from time to time, and not less frequently than once each year. The term "accounts" shall include any passbook, loan account, statement of accounts, or other pertinent or related record.

(c) Additional audits, examinations or verifications of member accounts may be made as deemed necessary by the supervisory committee or as directed by the board of directors.

(d) If the annual examination is not conducted by the supervisory committee or is deemed to be unsatisfactory to the director, the board of directors of the credit union may be required by the director to contract for an outside examination acceptable to the director.

(e) Notwithstanding any other provision of law to the contrary, the supervisory committee of a state or federally chartered credit union may contract with the Idaho credit union league, or any of its subsidiary organizations, for preparation of any reports the supervisory committee is required by law to submit to the board of directors, and the Idaho credit union league, or its subsidiaries, may perform such function on behalf of the supervisory committee and any report prepared thereby may be accepted by the board of directors or any governmental entity in lieu of any supervisory committee report required under this section.

(f) By unanimous vote, the supervisory committee, if it deems such action to be necessary to the proper conduct of the credit union, may suspend any officer, director or member of the committee and call the members together to act on such suspension. The members at said meeting may sustain such suspension and remove said officer permanently or may reinstate said officer.

(g) By majority vote the supervisory committee may call a special meeting of the members to consider any matter submitted to it by said meeting.