2005 Vermont Code - § 2063. — Supervisory committee

§ 2063. Supervisory committee

(a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union. It shall submit a report of each annual audit to the board of directors and a summary of that report to the members at the next annual meeting of the credit union. The committee shall make any supplementary audits required by the commissioner.

(b) The supervisory committee shall cause the passbooks and accounts of the members to be verified with the records of the treasurer from time to time, and not less frequently than once every two years. As used in this section, the term "passbook" shall include any book, statement of accounts, or other pertinent or related record.

(c) The supervisory committee may suspend by a unanimous vote any officer of the credit union or any member of the credit committee or of the board of directors, until the next members' meeting, which members' meeting shall be held not less than seven nor more than twenty-one days after the suspension. At that meeting the suspension shall be acted upon by the members. The committee may call by a majority vote a special meeting of the members to consider any violation of this chapter, the charter, or the bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1975, No. 70, § 5; 1981, No. 192 (Adj. Sess.), § 1.)