The Supervisory and Compliance Committee shall consist of such number of members as may be fixed by the bye-laws, which shall be not less than three.
This committee has two general goals. It must ensure that:
- In conjunction with the external auditor that financial statements accurately and fairly present the financial condition of the credit union.
- Management practices and procedures safeguard members' assets.
To meet these two general goals the Supervisory and Compliance Committee shall—
- keep minutes of its meetings;
- make or cause to be made in the period before the next annual general meeting of the credit union, an examination of the books and documents of the credit union which shall include an inspection of the securities, cash accounts and all records relating to loans, purchases and sales;
- make or cause to be made, once in the period before the next annual general meeting, a comparison between the pass-book or statement of account of a random sample of all the members of the credit union and the appropriate records of the credit union;
- ascertain that all actions and decisions of the Board, committees, management and staff relating to the affairs of the credit union are in accordance with this Act, the Regulations, the bye-laws and the approved standards and policies of the credit union;
- submit a written report on the results of its examinations and enquiries under this section to the Board and the management of the credit union; and
- submit a written report on the result of its examinations and enquiries under this section to the next annual general meeting and, if it thinks fit, to a special general meeting of the credit union.
- The Supervisory and Compliance Committee shall have access, at all times, to the books and documents of the credit union.
- Members of the Supervisory and Compliance Committee shall have the right to attend meetings of the Board and all other committees of the credit union as observers
