2023 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.