1915_public laws_116_13
CHAPTER 115 AN ACT RELATING TO THE INCORPORATION. MAINTE- NANCE AND SUPERVISION OF CREDIT UNIONS, AND CO- OPERATIVE ASSOCIATIONS. The General Assembly of North Carolina do enact:
Supervisory Committee; Audit and Report. The supervisory committee shall inspect the securities, cash and accounts of the corporation and supervise the acts of its board of directors, credit committee, and officers. At any time the supervisory committee, by a unanimous vote, may suspend the credit committee or any member of the board of directors, or any officer elected by the board and by a majority vote may call a meeting of the shareholders to consider any violation of this act or of the by-laws, or any practice of the corporation which, in the opinion of said committee, is unsafe and unauthorized. Within seven days after the suspension of the credit committee the supervisory committee shall cause notice to be given of a special meeting of the members to take such action relative to such suspension aS may seem necessary. The supervisory committee shall fill vacancies in their own number until the next regular meeting of the members. At the close of each fiscal year the supervisory committee shall make a thorough audit of the receipts, disbursements, income, assets, and liabilities of the corporation for the said fiscal year, and shall make a full report thereon to the directors. Said report shall be read at the annual meeting of the members and shall be filed and preserved with the records of the corporation.