§ 1761d. — Supervisory committee; powers and duties; suspension of members; passbook.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1761d]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER I--GENERAL PROVISIONS
Sec. 1761d. Supervisory committee; powers and duties; suspension
of members; passbook
The supervisory committee shall make or cause to be made an annual
audit and shall submit a report of that audit to the board of directors
and a summary of the report to the members at the next annual meeting of
the credit union; shall make or cause to be made such supplementary
audits as it deems necessary or as may be ordered by the Board, and
submit reports of the supplementary audits to the board of directors;
may by a unanimous vote suspend any officer of the credit union or any
member of the credit committee or of the board of directors, until the
next members' meeting, which shall be held not less than seven or more
than fourteen days after any such suspension, at which meeting any such
suspension shall be acted upon by the members; and may call by a
majority vote a special meeting of the members to consider any
violations of this chapter, the charter, or the bylaws, or any practice
of the credit union deemed by the supervisory committee to be unsafe or
unauthorized. Any member of the supervisory committee may be suspended
by a majority vote of the board of directors. The members shall decide,
at a meeting held not less than seven nor more than fourteen days after
any such suspension, whether the suspended committee member shall be
removed from or restored to the supervisory committee. The supervisory
committee shall cause the passbooks and accounts of the members to be
verified with the records of the treasurer from time to time, and not
less frequently than once every two years. As used in this section, the
term ``passbook'' shall include any book, statement of account, or other
record approved by the Board for use by Federal credit unions.
(June 26, 1934, ch. 750, title I, Sec. 115, formerly Sec. 16, as added
Pub. L. 86-354, Sec. 1, Sept. 22, 1959, 73 Stat. 633; amended Pub. L.
90-375, Sec. 1(6), (7), July 5, 1968, 82 Stat. 284, 285; Pub. L. 91-206,
Sec. 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, Sec. 115,
Pub. L. 91-468, Sec. 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L.
93-383, title VII, Sec. 724, Aug. 22, 1974, 88 Stat. 719; Pub. L. 95-
630, title V, Sec. 502(b), Nov. 10, 1978, 92 Stat. 3681.)
Prior Provisions
Provisions similar to those comprising this section were contained
in section 11(e) of act June 26, 1934, ch. 750, 48 Stat. 1219 (formerly
classified to section 1761(e) of this title), prior to the amendment and
renumbering of act June 26, 1934 by Pub. L. 86-354.
Amendments
1978--Pub. L. 95-630 substituted ``Board'' for ``Administrator''.
1974--Pub. L. 93-383 substituted ``an annual'' for ``a semiannual''.
1970--Pub. L. 91-206 substituted ``Administrator'' for ``Director''
in two places.
1968--Pub. L. 90-375 substituted provisions which required a
semiannual audit for provisions which required a quarterly examination
of the affairs of a Federal credit union, including an audit of the
books, authorized the making of such supplementary audits as deemed
necessary by the supervisory committee or as ordered by the Director,
eliminated the requirement of an annual audit, and provided that the
suspension of any member of the supervisory committee be pursuant to a
majority vote of the board of directors.
Effective Date of 1978 Amendment
Amendment by Pub. L. 95-630 effective on expiration of 120 days
after Nov. 10, 1978, and transitional provisions, see section 509 of
Pub. L. 95-630, set out as a note under section 1752 of this title.
