NY Banking L § 475 (2021)
2021 New York Laws BNK - Banking Article 11 - Credit Unions 475 - Supervisory Committee; Powers and Duties.

§  475.  Supervisory  committee; powers and duties. 1. The supervisory committee shall have power:  (a) To suspend at any time by unanimous vote, at a meeting called  for that  purpose,  any  member of the credit committee or any member of the board of directors or any officer.  (b) By a majority vote to  call  a  meeting  of  the  shareholders  to consider  any  violation of this article or the bylaws, or any practices of the credit union which, in the opinion of the committee,  are  unsafe or unauthorized.   2. It shall be the duty of the supervisory committee:  (a)  To  inspect the securities, cash and accounts of the credit union and supervise the acts of its board of directors,  officers  and  credit committee.  (b)  Within  fourteen  days  after the suspension of any member of the credit committee or any member of the board of directors or any officer, to cause notice of a special meeting to be given to the shareholders  to take any action regarding such suspension as may be deemed necessary.  (c)  To  fill  vacancies  in  the supervisory committee until the next annual meeting of the  shareholders;  provided,  if  such  committee  is appointed  by  the  directors, it shall be the duty of the board to fill any such vacancies in this committee.  (d) Once each fiscal year, at the close of any quarter  and  not  less than  six  months  after the date of the previous such audit, to make an audit of the books and records  of  the  credit  union  for  the  period following  the  most  recent  audit;  to  examine fully its business and affairs and into such other matters as the superintendent  may  require; upon  the  completion  of such audit and examination to make full report thereof in writing, and sworn to  by  each  member  of  the  supervisory committee, to the board of directors at their next regular meeting after the completion of such audit and examination, to cause such report to be filed  in  the  office  of  the  credit union and to give notice to each member of the board of directors that such report  has  been  filed,  to cause  a  duplicate  of  such  report  to  be filed in the office of the superintendent within ten days after the next  regular  meeting  of  the board  of  directors,  and  which report to the board of directors shall include  a  statement  of  the  assets  and  liabilities,  receipts  and disbursements  of the credit union based upon such audit and examination and  to  cause  such  report  to  be  read  at  the  annual  meeting  of shareholders and filed with the records of the credit union; and to keep full  and  complete  minutes  of  all business transacted at each of its meetings. In no case shall a member of the supervisory  committee  serve as  a loan officer or as a member of the credit committee or as a member of the board of directors. Such supervisory committee  may  employ  such assistance in making such examination that they may deem necessary, and, if  the  superintendent  shall  require,  the said supervisory committee shall employ the assistance of independent auditors.   3. Any or all members of the supervisory committee may be removed  for cause  by  vote  of  the  shareholders  at  a regular or special meeting thereof, provided, however, that a written  copy  of  the  charges  made against  each such member shall have been served upon him personally and mailed to each shareholder and to the superintendent at least two  weeks before such meeting.