Ind. Code § 28-7-1-18
Duties and powers of supervisory committee; audits; meeting minutes
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2025
As of January 1, 2018
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:
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.
(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.
(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.
(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.
(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 of 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.
(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.
(e) The supervisory committee of each credit union shall one (1) time each calendar year make or cause to be made a thorough audit of the credit union and shall provide a full report of the audit to the credit union's directors. If a credit union has assets of at least five million dollars ($5,000,000), the audit required by this subsection must be performed by an outside certified public accountant. A credit union's board of directors shall submit the audit report and a complete statement of the condition of the credit union to the department. The department may require additional information in connection with an audit performed under this subsection. The department may require at any time an audit to be performed upon any credit union by an outside certified public accountant if the department questions the safety and soundness of the credit union. A summary of any audit report or statement of condition prepared under this subsection shall be read at the annual meeting of the credit union and shall be filed and preserved with the records of the credit union. The department may establish by policy or rule the accounting and auditing standards necessary to define the audit requirements set forth in this section.
(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.
(f) Minutes of every meeting of the supervisory committee shall be kept and maintained.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.