C-4 - Savings and Credit Unions Act

Full text
60. The board of supervision shall, in particular:
(a)  audit the cash in hand and securities;
(b)  ensure that operations are carried out in conformity with the by-laws and the decisions of the general meeting;
(c)  control the decisions of the committee on credit and the operations resulting therefrom;
(d)  report its findings and make its recommendations to the board of directors whenever it deems proper to do so;
(e)  call an extraordinary special meeting if the board of directors does not give effect to its recommendations, if any legal requirement or by-law relating to the management of the union or the security required to ensure repayment of loans is not observed or if it suspends the credit commissioners from their duties;
(f)  report forthwith to the board of directors the reasons why it suspends an employee of the union from his duties;
(g)  ensure that the operations of the union are inspected periodically in accordance with section 89;
(h)  if the annual meeting has appointed an auditor, ensure that the annual report has been audited by such auditor;
(i)  upon receipt of the report contemplated in section 93, submit its recommendations to the board of directors and, if it deems it expedient, order the holding of a special meeting of the members of the union.
The special meeting contemplated in paragraph i shall be called in accordance with section 45, which shall apply with the necessary modifications.
R. S. 1964, c. 293, s. 59; 1970, c. 59, s. 21.