168. The function of the board of audit and ethics is to supervise the operations of the credit union.
The board shall ensure, in particular, that
(1) an audit of the cash in hand and all other assets is carried out;
(2) the operations of the credit union are in compliance with this Act and the regulations or by-laws applicable to it under this Act;
(3) the internal affairs and activities of the credit union are inspected in accordance with the provisions of this Act;
(4) the credit union complies with the standards, orders and written instructions issued under this Act;
(5) the rules adopted by the board of audit and ethics of the federation or credit union, as the case may be, are observed.
1988, c. 64, s. 168; 1996, c. 69, s. 45, s. 181.