Supervisory Committee

(1) Every credit union shall have a Supervisory Committee which shall be elected by its members at the annual general (2) The committee shall consist of not less than three members and it may fill vacancies in its own membership until the next annual general meeting, when successors shall be chosen. (3) The members of a Supervisory Committee shall hold office for such term as the by-laws provide. (4) A person who is a member of the Board or Credit Committee or who is an employee of the credit union or was such an employee within the preceding three years shall not become a member of the Supervisory Committee. (5) The Supervisory Committee shall meet once a month and minutes and reports of these meetings should be submitted to the joint officers meeting held every quarter. (6) The Supervisory Committee shall– (a) make an examination of the affairs of the credit union at least quarterly and audit its books, and, if deemed necessary by them, call a meeting of the credit union for consideration of the report of the Supervisory Committee; (b) make or provide for an annual audit and submit a report on the annual audit to the annual meeting.