Appointment of audit committee: Duties; powers; suspension of member; employment of certified or registered public accountant.
1. The board may appoint an audit committee to make an annual audit of the financial records of the credit union and any interim audits as may be deemed necessary by the board or as may be directed by the Commissioner. A copy of the report must be submitted to the board and the Commissioner and a summary presented to the members at the next annual meeting.
2. The audit committee may by unanimous vote suspend any director, officer or member of the credit union following an audit, for any violation of this chapter, the charter or bylaws or for any other practice which the audit committee deems to be unsafe or unauthorized. In such cases, the audit committee shall call a special meeting of the members not less than 7 nor more than 21 days following the suspension and the suspension must be ratified or overturned by the members.
3. Any member of the audit committee may be suspended by the board for the same reasons and in the same manner as provided in subsection 2.
4. The audit committee may by a majority vote call a special meeting of the members to consider any violation of this chapter, the charter or bylaws or any practice of the credit union deemed by the audit committee to be unsafe or unauthorized.
5. The board of directors or the audit committee may employ the services of a certified public accountant or a registered public accountant to complete the necessary audit of the records of the credit union.
Last modified: February 26, 2006