Co-Operative Societies Act 2008

16. Supervisory committee

For the purposes of sections 62 to 68 of the Act and subject to the Act and bylaws, the Supervisory Committee shall-

a.      meet after the first Annual General meeting and after each annual general meeting of the society, as soon as is reasonable, to organize for the current year;

b.     appraise the policies and operating procedures of the society and make recommendations to the Board and to the Credit Committee;

c.      attest to the monthly and annual returns filed in compliance with sections 124 and 141 of the Act;

d.     determine periodically and not less than once every quarter whether the provisions of the Act, Regulations, by-laws and relevant policies have been complied with-

              i.         in making of loans including loans to officials, business loans and loans to organizations, associations and corporations;

             ii.         in respect of any overdrawing from deposit accounts;

            iii.         in administration of members’ accounts; and

            iv.         in the maintenance of the minutes of meetings the Board and Credit Committee;

a.       

b.       

c.       

d.       

e.      receive and investigate complaints made by members of the society about the management of the society;

f.      monitor the management of the society;

g.     ensure that the society complies with the Act, Regulations and bylaws; and

h.      verify the assets of the society and monitor whether the assets are properly protected.

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