1968 Ed.]
Credit Unions.
[CAP. 119
15
(h) appoint persons to act, under the direction of the board, in the furtherance of the education of persons in the objects and practices of credit unions.
(2) The board shall exercise and perform such other powers and duties as may be conferred or imposed upon it by the by-laws.
Powers and duties of supervisory committee.
34. In addition to such powers and duties as may be conferred or imposed by the by-laws, the supervisory committee-
(a) shall carry out an examination of the affairs and audit the accounts of the credit union and prepare a balance sheet on the accounts at least once in each quarter of every financial year;
(b) shall make or provide for an annual audit of the accounts of the credit union and submit a report thereon together with a balance sheet to the annual meeting of the credit union for its approval;
(c) may, if it deems it to be necessary in the interests of the credit union, by the unanimous vote of all its members suspend any director of the board or any member of the credit committee from the functions of his office and call a special meeting of the credit union to consider a report of the committee on such suspension;
(d) may call a special meeting of the credit union to consider any matter which in the opinion of the committee ought to receive such consideration.
Powers and duties of credit committee.
35. In addition to such powers and duties as may be conferred or imposed by the by-laws, the credit committee shall have general supervision over all loans made to the members of the credit union and, subject to paragraphs (d), (e) and (f) of subsection (1) of section 33, shall, in respect of every such loan-
(a) fix the amount thereof;
(b) decide on the security (if any) required therefor; and
(c) determine the conditions for repayment thereof.
36. Save as provided in section 38, no loan shall be made to a member of the credit union except with the prior and unanimous approval of the members of the credit committee.
37. In addition to or in lieu of any other form of security, the credit committee may in its discretion accept an endorsement of a note by a member as guarantor or a pledge of shares by a member as security for a loan.
Powers and duties of supervisory committee.
Powers and duties of credit committee.
Approval of loans.
Acceptable security for loans.