81-13-33 - Supervisory committee; suspension of directors, committee members or officers; review of credit union practices; audit and report. - Mississippi Statutes

§ 81-13-33. Supervisory committee; suspension of directors, committee members or officers; review of credit union practices; audit and report.
 

The supervisory committee shall, at frequent intervals, inspect the securities, cash and accounts of the credit union and supervise the acts of the board of directors, credit committee and officers, any or all of whom the supervisory committee may, at any time, by a unanimous vote suspend. Within seven (7) days after such suspension, the supervisory committee shall cause notice to be given the members of a special meeting to take action on such suspension, the call for the meeting to indicate clearly its purpose. By a majority vote the committee may call a meeting of the shareholders to consider any violation of this chapter or of the bylaws, or any practice of the credit union which, in the opinion of said committee, is unsafe and unauthorized. The committee shall fill vacancies in their own number until the next annual meeting of the members. Annually the supervisory committee shall make or cause to be made a thorough audit of the receipts, disbursements, income, assets and liabilities of the credit union for the said fiscal year and shall make a full report thereon to the directors, which report shall be filed and preserved with the records of the credit union. The supervisory committee shall make a report to the members at the annual meeting. 
 

Sources: Codes, 1930, § 4246; 1942, § 5407; Laws,  1924, ch. 177; reenacted without change, 1982, ch. 304, § 19; reenacted and amended, 1995, ch. 374, § 19; reenacted without change, Laws,  1997, ch. 368, § 18; reenacted without change, Laws, 2001, ch. 408, § 18, eff from and after July 1, 2001.