N.Y. Banking Law § 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.