Sec. 18. (a) The supervisory committee shall cause the share and loan accounts of the members to be verified with the records of the treasurer at least each biennium. A verification under this subsection shall be performed using one (1) of the following methods:
(1) A verification of one hundred percent (100%) of the share and loan accounts of all members.
(2) A verification of share and loan accounts in accordance with the requirements of the National Credit Union Administration set forth in 12 CFR 715.8.
(b) The supervisory committee shall supervise the acts of the board of directors, credit committee, and officers.
(c) By a majority vote, the supervisory committee may call a meeting of the shareholders to consider any violation of this chapter, or of the bylaws, or any practice of the credit union which, in the opinion of the committee is unsafe and unauthorized.
(d) The supervisory committee shall fill vacancies in its own number until the next annual meeting of the members.
(e) At the close of the audit period, the supervisory committee shall make or cause to be made a thorough audit of the credit union for each audit period and shall make a full report to the directors. The audit report shall be issued not later than one hundred twenty (120) days following the close of the audit period. Tapes, work papers, schedules, and evidence of verification of accounts shall be retained until the next examination by the department. A summary of the report shall be read at the annual meeting and shall be filed and preserved with the records of the credit union.
(f) A credit union with assets of at least five million dollars ($5,000,000) shall have an annual audit performed by an outside professional accounting firm. The department may require a professional outside audit to be performed upon any credit union if the department questions the safety and soundness of the credit union.
(g) Minutes of every meeting of the supervisory committee shall be kept and maintained.
Formerly: Acts 1961, c.182, s.18. As amended by Acts 1979, P.L.267, SEC.3; P.L.14-1992, SEC.126; P.L.228-1993, SEC.6; P.L.263-1995, SEC.16; P.L.192-1997, SEC.19; P.L.11-1998, SEC.18; P.L.35-2010, SEC.159; P.L.137-2014, SEC.28; P.L.186-2015, SEC.37.
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