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C-67.3 - Act respecting financial services cooperatives

Section 253.1
Disposition versions

Full text
253.1. The board of directors shall also establish an audit committee made up of at least three board members.
The functions of the audit committee are:
(1)  to examine the reports of the federation’s inspection service and report to the board of directors;
(2)  to follow up its recommendations and the implementation of measures taken under paragraph 1;
(3)  to examine the audited annual financial statements or, if the credit union is a member of a federation, the financial report provided for in the second paragrah of section 133 and recommend their adoption by the board of directors.
The committee may also exercise any other function determined by the board of directors.
The committee is authorized to use any information relevant to the performance of its duties. For that purpose, section 263 applies to the audit committee.
2005, c. 35, s. 10; 2010, c. 40, s. 6; 2016, c. 7, s. 205.
253.1. The board of directors shall also establish an audit committee made up of at least three board members.
The functions of the audit committee are:
(1)  to examine the reports of the federation’s inspection and audit services and report to the board of directors;
(2)  to follow up its recommendations and the implementation of measures taken under paragraph 1;
(3)  to examine the audited annual financial statements and recommend their adoption by the board of directors.
The committee may also exercise any other function determined by the board of directors.
The committee is authorized to use any information relevant to the performance of its duties. For that purpose, section 263 applies to the audit committee.
2005, c. 35, s. 10; 2010, c. 40, s. 6.
253.1. The board of directors shall also establish an audit committee made up of at least three board members, excluding the director general of the credit union.
The functions of the audit committee are:
(1)  to examine the reports of the federation’s inspection and audit services and report to the board of directors;
(2)  to follow up its recommendations and the implementation of measures taken under paragraph 1;
(3)  to examine the audited annual financial statements and recommend their adoption by the board of directors.
The committee may also exercise any other function determined by the board of directors.
The committee is authorized to use any information relevant to the performance of its duties. For that purpose, section 263 applies to the audit committee.
2005, c. 35, s. 10.
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