United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-9-23

Source excerpt

audit and examinationboard appointmentsboard governancecommittee appointmentscommittee authoritycommittee member removalcommittee removalcredit union governancecredit unionsdirector disciplinedirector suspension/removalmember account verificationmember meetingmember meeting proceduresreinstatementsupervisory committee dutiesvacancy fillingvoting

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member. Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are”

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Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member.

Section 7-9-23

Subsection 7-9-23(2)(a)(i)

Refers to any violation of this chapter or the credit union’s bylaws.

Section 7-9-23(2)(a)(i)

Subsection 7-9-23(3)(b)

A complaint alleging noncompliance by the credit union or its governing persons must be investigated or caused to be investigated.

Section 7-9-23(3)(b)

Subsection 7-9-23(4)(a)

The supervisory committee may, by majority vote, recommend action to the board of directors, including suspension or removal of a credit union officer or a credit committee member.

Section 7-9-23(4)(a)

Subsection 7-9-23(6)

The bylaws may set additional duties and responsibilities for the supervisory committee.

Section 7-9-23(6)

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Showing 29 of 29 provisions

Provision 29

§ 7-9-23Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member.Provision

Source excerpt

Supervisory committee -- Duties -- Suspension or removal of officer, director, or credit committee member. Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed. One member of the board of directors, except the chair of the board and the president, may be appointed to the supervisory committee. The president and other employees of the credit union may not be appointed to the supervisory committee. The commissioner may remove any member of the supervisory committee for: any violation of this chapter or the bylaws of the credit union; failure to fulfill the duties of office; malfeasance; or maladministration in office. The board of directors shall fill any vacancy created by removal of a supervisory committee member. It is the duty of the supervisory committee to: make or cause to be made an examination of the affairs of the credit union at least annually, including an inspection of the credit union's books, securities, cash, accounts, and loans; investigate or cause to be investigated any complaint that action by the credit union, board of directors, committees, officers, or employees does not comply with the law or the credit union's bylaws; make or cause to be made supplemental audits and examinations it considers necessary, or as required by the commissioner or board of directors; make a written report to the board of directors of its findings following each audit or examination; and make or cause to be made a verification of member accounts: annually by statistical sampling or otherwise, in accordance with generally accepted accounting principles; or at least every two years by a complete verification. The supervisory committee may, by majority vote, recommend to the board of directors: the suspension or removal of a credit union officer or a member of the credit committee; or any other action the board of directors could lawfully take. Within 30 days after submission of the recommendation to the board of directors, if the board fails to adopt the material aspects of the recommendation, the supervisory committee may, by unanimous vote and after notifying the commissioner, call a meeting of the credit union members to consider the recommendation. The members may, by majority vote of those present at the meeting, adopt the supervisory committee's recommendation. The supervisory committee may, by unanimous vote, suspend or remove a director for any violation of this chapter or the bylaws of the credit union, malfeasance, or maladministration in office. Within 30 days after the suspension or removal of a director, the supervisory committee shall, after notifying the commissioner, call a special meeting to present the matter to the membership of the credit union. The members may, by majority vote of those present, ratify or reject the action of the supervisory committee. If the members vote to remove the director, they may at the same meeting elect a replacement. If the members vote to reject the suspension or removal, they shall reinstate the director. The bylaws may prescribe other duties and responsibilities of the supervisory committee.

Section 7-9-23Verify source

§ 7-9-23(1)Subsection 7-9-23(1)Provision

Source excerpt

Supervisory committee appointees serve until the next annual members’ meeting and until successors are appointed.

Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed. One member of the board of directors, except the chair of the board and the president, may be appointed to the supervisory committee. The president and other employees of the credit union may not be appointed to the supervisory committee.

Section 7-9-23(1)Verify source

§ 7-9-23(1)(a)Subsection 7-9-23(1)(a)Provision

Source excerpt

Appointees to the supervisory committee hold office until the next annual meeting of the members and until successors are appointed.

Appointees to the supervisory committee shall hold office until the next annual meeting of the members and until successors are appointed.

Section 7-9-23(1)(a)Verify source

§ 7-9-23(1)(b)Subsection 7-9-23(1)(b)Provision

Source excerpt

One board member may be appointed to the supervisory committee, but not the chair of the board or the president.

One member of the board of directors, except the chair of the board and the president, may be appointed to the supervisory committee.

Section 7-9-23(1)(b)Verify source

§ 7-9-23(1)(c)Subsection 7-9-23(1)(c)Provision

Source excerpt

The credit union’s president and other employees may not be appointed to the supervisory committee.

The president and other employees of the credit union may not be appointed to the supervisory committee.

Section 7-9-23(1)(c)Verify source

§ 7-9-23(2)Subsection 7-9-23(2)Provision

Source excerpt

The commissioner may remove a supervisory committee member for specified violations or misconduct, and the board of directors must fill any vacancy created by that removal.

The commissioner may remove any member of the supervisory committee for: any violation of this chapter or the bylaws of the credit union; failure to fulfill the duties of office; malfeasance; or maladministration in office. The board of directors shall fill any vacancy created by removal of a supervisory committee member.

Section 7-9-23(2)Verify source

§ 7-9-23(2)(a)Subsection 7-9-23(2)(a)Provision

Source excerpt

The commissioner may remove a supervisory committee member for specified violations, failure to perform office duties, malfeasance, or maladministration.

Section 7-9-23(2)(a)Verify source

§ 7-9-23(2)(a)(i)Subsection 7-9-23(2)(a)(i)Provision

Source excerpt

Refers to any violation of this chapter or the credit union’s bylaws.

any violation of this chapter or the bylaws of the credit union;

Section 7-9-23(2)(a)(i)Verify source

§ 7-9-23(2)(a)(ii)Subsection 7-9-23(2)(a)(ii)Provision

Source excerpt

failure to fulfill the duties of office;

Section 7-9-23(2)(a)(ii)Verify source

§ 7-9-23(2)(a)(iii)Subsection 7-9-23(2)(a)(iii)Provision

Source excerpt

malfeasance; or

Section 7-9-23(2)(a)(iii)Verify source

§ 7-9-23(2)(a)(iv)Subsection 7-9-23(2)(a)(iv)Provision

Source excerpt

maladministration in office.

Section 7-9-23(2)(a)(iv)Verify source

§ 7-9-23(2)(b)Subsection 7-9-23(2)(b)Provision

Source excerpt

The board of directors must fill any vacancy caused by removal of a supervisory committee member.

The board of directors shall fill any vacancy created by removal of a supervisory committee member.

Section 7-9-23(2)(b)Verify source

§ 7-9-23(3)Subsection 7-9-23(3)Provision

Source excerpt

The supervisory committee must conduct at least annual examinations of the credit union and its records, investigate complaints about noncompliance, carry out supplemental audits when needed or required, report findings to the board after each audit or examination, and verify member accounts on the stated schedule.

It is the duty of the supervisory committee to: make or cause to be made an examination of the affairs of the credit union at least annually, including an inspection of the credit union's books, securities, cash, accounts, and loans; investigate or cause to be investigated any complaint that action by the credit union, board of directors, committees, officers, or employees does not comply with the law or the credit union's bylaws; make or cause to be made supplemental audits and examinations it considers necessary, or as required by the commissioner or board of directors; make a written report to the board of directors of its findings following each audit or examination; and make or cause to be made a verification of member accounts: annually by statistical sampling or otherwise, in accordance with generally accepted accounting principles; or at least every two years by a complete verification.

Section 7-9-23(3)Verify source

§ 7-9-23(3)(a)Subsection 7-9-23(3)(a)Provision

Source excerpt

An examination of the credit union’s affairs must be made, or caused to be made, at least once a year.

make or cause to be made an examination of the affairs of the credit union at least annually, including an inspection of the credit union's books, securities, cash, accounts, and loans;

Section 7-9-23(3)(a)Verify source

§ 7-9-23(3)(b)Subsection 7-9-23(3)(b)Provision

Source excerpt

A complaint alleging noncompliance by the credit union or its governing persons must be investigated or caused to be investigated.

investigate or cause to be investigated any complaint that action by the credit union, board of directors, committees, officers, or employees does not comply with the law or the credit union's bylaws;

Section 7-9-23(3)(b)Verify source

§ 7-9-23(3)(c)Subsection 7-9-23(3)(c)Provision

Source excerpt

make or cause to be made supplemental audits and examinations it considers necessary, or as required by the commissioner or board of directors;

Section 7-9-23(3)(c)Verify source

§ 7-9-23(3)(d)Subsection 7-9-23(3)(d)Provision

Source excerpt

The actor must make a written report to the board of directors after each audit or examination.

make a written report to the board of directors of its findings following each audit or examination; and

Section 7-9-23(3)(d)Verify source

§ 7-9-23(3)(e)Subsection 7-9-23(3)(e)Provision

Source excerpt

An unnamed actor must make or cause a verification of member accounts, using annual statistical sampling or another GAAP-compliant method, or perform a complete verification at least every two years.

make or cause to be made a verification of member accounts: annually by statistical sampling or otherwise, in accordance with generally accepted accounting principles; or at least every two years by a complete verification.

Section 7-9-23(3)(e)Verify source

§ 7-9-23(3)(e)(i)Subsection 7-9-23(3)(e)(i)Provision

Source excerpt

annually by statistical sampling or otherwise, in accordance with generally accepted accounting principles; or

Section 7-9-23(3)(e)(i)Verify source

§ 7-9-23(3)(e)(ii)Subsection 7-9-23(3)(e)(ii)Provision

Source excerpt

at least every two years by a complete verification.

Section 7-9-23(3)(e)(ii)Verify source

§ 7-9-23(4)Subsection 7-9-23(4)Provision

Source excerpt

The supervisory committee may recommend certain actions to the board by majority vote, and if the board does not adopt the material parts within 30 days, the committee may call a members’ meeting to consider the recommendation.

The supervisory committee may, by majority vote, recommend to the board of directors: the suspension or removal of a credit union officer or a member of the credit committee; or any other action the board of directors could lawfully take. Within 30 days after submission of the recommendation to the board of directors, if the board fails to adopt the material aspects of the recommendation, the supervisory committee may, by unanimous vote and after notifying the commissioner, call a meeting of the credit union members to consider the recommendation. The members may, by majority vote of those present at the meeting, adopt the supervisory committee's recommendation.

Section 7-9-23(4)Verify source

§ 7-9-23(4)(a)Subsection 7-9-23(4)(a)Provision

Source excerpt

The supervisory committee may, by majority vote, recommend action to the board of directors, including suspension or removal of a credit union officer or a credit committee member.

Section 7-9-23(4)(a)Verify source

§ 7-9-23(4)(a)(i)Subsection 7-9-23(4)(a)(i)Provision

Source excerpt

the suspension or removal of a credit union officer or a member of the credit committee; or

Section 7-9-23(4)(a)(i)Verify source

§ 7-9-23(4)(a)(ii)Subsection 7-9-23(4)(a)(ii)Provision

Source excerpt

This provision refers to any other action the board of directors may lawfully take.

any other action the board of directors could lawfully take.

Section 7-9-23(4)(a)(ii)Verify source

§ 7-9-23(4)(b)Subsection 7-9-23(4)(b)Provision

Source excerpt

The supervisory committee may call a members’ meeting to consider its recommendation if the board does not adopt the material aspects within 30 days after submission, after unanimous vote and notice to the commissioner. The members may adopt the recommendation by majority vote of those present.

Within 30 days after submission of the recommendation to the board of directors, if the board fails to adopt the material aspects of the recommendation, the supervisory committee may, by unanimous vote and after notifying the commissioner, call a meeting of the credit union members to consider the recommendation. The members may, by majority vote of those present at the meeting, adopt the supervisory committee's recommendation.

Section 7-9-23(4)(b)Verify source

§ 7-9-23(5)Subsection 7-9-23(5)Provision

Source excerpt

The supervisory committee may suspend or remove a director by unanimous vote for specified misconduct. Within 30 days, after notifying the commissioner, it must call a special meeting. Members may ratify or reject the action, elect a replacement if removal is approved, or reinstate the director if the action is rejected.

The supervisory committee may, by unanimous vote, suspend or remove a director for any violation of this chapter or the bylaws of the credit union, malfeasance, or maladministration in office. Within 30 days after the suspension or removal of a director, the supervisory committee shall, after notifying the commissioner, call a special meeting to present the matter to the membership of the credit union. The members may, by majority vote of those present, ratify or reject the action of the supervisory committee. If the members vote to remove the director, they may at the same meeting elect a replacement. If the members vote to reject the suspension or removal, they shall reinstate the director.

Section 7-9-23(5)Verify source

§ 7-9-23(5)(a)Subsection 7-9-23(5)(a)Provision

Source excerpt

The supervisory committee may unanimously suspend or remove a director for specified misconduct or violations.

The supervisory committee may, by unanimous vote, suspend or remove a director for any violation of this chapter or the bylaws of the credit union, malfeasance, or maladministration in office.

Section 7-9-23(5)(a)Verify source

§ 7-9-23(5)(b)Subsection 7-9-23(5)(b)Provision

Source excerpt

The supervisory committee must call a special meeting within 30 days after a director is suspended or removed, after notifying the commissioner. The members may ratify or reject the committee’s action by majority vote of those present, and may elect a replacement at the same meeting if they remove the director; if they reject the suspension or removal, they must reinstate the director.

Within 30 days after the suspension or removal of a director, the supervisory committee shall, after notifying the commissioner, call a special meeting to present the matter to the membership of the credit union. The members may, by majority vote of those present, ratify or reject the action of the supervisory committee. If the members vote to remove the director, they may at the same meeting elect a replacement. If the members vote to reject the suspension or removal, they shall reinstate the director.

Section 7-9-23(5)(b)Verify source

§ 7-9-23(6)Subsection 7-9-23(6)Provision

Source excerpt

The bylaws may set additional duties and responsibilities for the supervisory committee.

The bylaws may prescribe other duties and responsibilities of the supervisory committee.

Section 7-9-23(6)Verify source

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Utah Code § 7-9-23

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