101. The Board shall adopt internal by-laws. The internal by-laws must, among other things, provide for the formation of an internal audit committee under the authority of the board of directors.
The mission of the internal audit committee includes assessing the performance of the Board and the quality of its internal controls and financial information as well as determining whether the way in which the Board manages its affairs is in compliance with law, regulation and ethics. The committee shall submit its findings and conclusions to the board of directors, along with any recommendations.
The internal by-laws come into force on the date of their approval by the Government.
1985, c. 34, s. 101; 1991, c. 74, s. 47; 2005, c. 22, s. 21.