Colorado § 11-30-111 - Supervisory committee.

§ 11-30-111. Supervisory committee.

(1) The supervisory committee shall:

(a) Make, or cause to be made, a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the annual audit to the board of directors and a summary of that report to the members at the next annual meeting. The committee shall make or cause to be made such supplementary audits or examinations as it deems necessary.

(b) Make an annual report and submit the same at the annual meeting of the members;

(c) By unanimous vote of the committee if it deems such action to be necessary for the proper conduct of the credit union, suspend any officer or director of the credit union, or any member of the credit committee, and shall call a special meeting of the members of the credit union not less than seven nor more than fourteen days thereafter to act on such suspension. The members at said meeting may sustain any such suspension and remove any such officer, director, or member of the credit committee permanently and elect a successor thereto for the unexpired term of office or may reinstate any such person.

(d) Biennially verify, or cause to be verified, by a random sampling or by verification of all members' accounts, the members' share, deposit, and loan accounts. Such verification may be obtained by either sending or causing to be sent a statement of account to each member or by such means as may be specified by the commissioner.

(2) By majority vote, the supervisory committee may call a special meeting of the members of the credit union to consider any violation of any provision of this article, the bylaws, or any rule or requirement of the credit union, by any officer, director, member of any committee, or any member, which the committee deems to be detrimental to the credit union. The supervisory committee shall fill vacancies in its own membership until the next annual election of the credit union.

Source: L. 31: p. 301, § 11. CSA: C. 47, § 11. L. 41: p. 375, § 11. L. 51: p. 315, § 3. CRS 53: § 38-1-11. C.R.S. 1963: § 38-1-11. L. 67: p. 319, § 10. L. 75: (1)(a) amended, p. 396, § 1, effective June 16. L. 84: (1)(a) amended, p. 375, § 6, effective July 1. L. 95: (1)(d) amended, p. 85, § 2, effective March 23. L. 2013: (1)(d) amended, (SB 13-159), ch. 193, p. 791, § 4, effective May 11.