Powers and duties of
supervisory
committee.
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perform all the powers and duties conferred and imposed by this Ordinance and in particular shall-
(a) act and make decisions upon all applications for member-
ship of the credit union;
(b) determine the maximum number of shares which may be held by any one member, which shall not without the permission of the board exceed twenty per cent of the shares of the credit union and which shall apply to all members;
(c) determine the length of notice (which shall not exceed ninety days) required from a member of his intention to transfer or withdraw shares;
(d) determine the maximum length of time in respect of which loans made by the credit union to its members may remain outstanding, in whole or in part;
(e) subject to subsection (2) of section 40, determine the maximum amount of loans which may be made to a member, with security or without security; (subject to section 41, determine the rates of interest pay.
able during any specified period on such loans;
(g) fix from time to time the amount of any surety bond which shall be required in respect of any officer or mem- ber concerned with the receipt, management or expend- iture of money for or on behalf of the credit union, and for such purposes may authorize the payment of any premium on such bonds by the credit union;
(4) 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 con- ferred or imposed by the by-laws, the supervisory committee-
(4) 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;
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(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 con- ferred 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 sub- section (1) of section 33. shall, in respect of every such loan-
(4) 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.
38. (1) The credit committee, with the prior approval of the board, may appoint members of the credit committee as loan officers to act under the committee's supervision.
(2) Notwithstanding anything contained in section 36, a loan officer may make loans to members of the credit union in the manner provided in the by-laws.
PART VI.
LOANS, BORROWING, RESERVE FUND AND DIVIDENDS.
Loans to members.
39. No loan shall be made to a member of a credit union under this Ordinance other than for provident or productive purposes.
Powers and duties of credit committee.
Approval of loans.
Acceptable security for loans.
Loan officers
Purposes of
loans.