370.230. Powers and duties of supervisory committee. - Missouri Statutes

Powers and duties of supervisory committee.

370.230. 1. The supervisory committee shall make, or causeto be made, an examination of the affairs of the credit union, atleast annually, including its books and accounts, and shall makeor cause to be made a direct verification of members' share andloan accounts at least every two years with a reasonablestatistical sampling of members accounts being made in alternateyears and shall review the acts of the board of directors, creditcommittee and officers, any or all of whom the supervisorycommittee may suspend at any time by a majority vote.

2. Within seven days after such suspension, the supervisorycommittee shall cause notice to be given the members of a specialmeeting to take action on such suspension, the call for themeeting to indicate clearly its purpose.

3. By a majority vote the committee may call a meeting ofthe members to consider any violation of this chapter or of thebylaws, or any practice of the credit union which, in the opinionof said committee, is unsafe and unauthorized.

4. During the fiscal year, the supervisory committee shallmake or cause to be made a thorough audit of the receipts,disbursements, income, assets, and liabilities of the creditunion, and shall make a full report on such audit to thedirectors. In the event that a credit union has over one milliondollars in assets, an independent audit shall be required in lieuof the audit by the supervisory committee, and a report on suchaudit shall be read at the annual meeting and shall be filed andpreserved with the records of the credit union.

5. The supervisory committee shall fill vacancies in theirown number until the next annual meeting or, if the bylaws soprovide, vacancies may be filled by appointment by the board ofdirectors.

(RSMo 1939 § 5531, A.L. 1955 p. 259, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099, A.L. 1984 H.B. 962, A.L. 1986 H.B. 1193, A.L. 1988 H.B. 1097)

Prior revision: 1929 § 5089