26-2121. SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES. (1) A supervisory committee of at least three (3) members must be appointed by the board as provided in the bylaws. Members of the supervisory committee shall serve a term of one (1) to three (3) years, unless sooner removed under this chapter or until their successors are qualified and elected or appointed. The members of the supervisory committee shall be divided into classes so that as equal a number as is possible is appointed each year.
(2) At least one (1) supervisory committee member may attend each regular meeting of the board. However, supervisory committee members may be excluded from executive sessions of board meetings.
(3)(a) If a supervisory committee member is absent from more than one-fourth (1/4) of the committee meetings in any twelve (12) month period without being reasonably excused by the committee, the member shall no longer serve as a member of the committee.
(b) The supervisory committee shall promptly notify the member that such member shall no longer serve as a committee member. Failure to provide notice does not affect the termination of the member’s service under paragraph (a) of this subsection.
(4) A supervisory committee member must be a natural person and a member of the credit union. If a member of the supervisory committee ceases to be a member of the credit union, the member shall no longer serve as a committee member.
(5) Any vacancy on the committee must be filled by an interim member appointed by the board.
(6) No operating officer or employee of a credit union may serve on the credit union’s supervisory committee. No more than one (1) director may be a member of the supervisory committee at the same time. No member of the supervisory committee may serve on the credit committee or investment committee of the credit union while serving on the supervisory committee. No board officer of a credit union may serve as the chairperson of the supervisory committee.
History:
[26-2121, added 2018, ch. 165, sec. 16, p. 334.]
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