Chap. 316.—An ACT to amend and re-enact Section 11 of an act entitled “An
act to provide for the incorporation, establishment and operation of loan
and savings institutions known as ‘credit unions’ ”, approved March 27,
1922, relating to supervisory committees. [H B 434]

Approved March 29, 1938

‘I. Be it enacted by the General Assembly of Virginia, That section
leven of an act entitled “an act to provide for the incorporation,
establishment and operation of loan and savings institutions known as
‘credit unions’”’, approved March twenty-seventh, nineteen hundred
and twenty-two be amended and re-enacted so as to read as follows:

Section 11. The supervisory committee shall inspect the securities,
cash and accounts of the corporation. At any time the supervisory
committee, by unanimous vote, may, if it deems such action necessary
to the proper conduct of the credit union, suspend any officer or
director or any member of the credit committee and shall, if any such
officer, director or member of the committee be so suspended, call the
members together to act on such suspension as hereinafter provided.
The members of said meeting may sustain such suspension and remove
such officer permanently or may reinstate such officer. By a majority
vote they may call a meeting of the shareholders to consider any viola-
tion of this act or of the by-laws, or any practice of the corporation
which, in the opinion of said committee, 1s unsafe and unauthorized.
Within seven days after the suspension of.the credit committee, or any
member thereof or of any director or officer the supervisory committee
shall cause notice to be given of a special meeting of the members to
take action relative to such suspension. The supervisory committee
shall fill vacancies in their own number until the next meeting of the
inembers.

At the close of each fiscal year, the supervisory committee shall
make or cause to be made a thorough audit of the receipts, disburse-
ments, income, assets and liabilities of the corporation for the said fiscal
vear, 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.