Friendly Societies (Amendment) Act, 1977
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Supervisory committees. |
4.—(1) In this section “a society to which this section applies” means a registered society of a class in relation to which regulations under subsection (2) of this section apply. | |
(2) The Minister may, by regulations, require that each society of a specified class or specified classes of registered society operating a loan fund under section 46 of the Principal Act shall, immediately after the first annual general meeting of the society to be held on or after a specified date, have a supervisory committee. | ||
(3) At the first annual general meeting of a society to which this section applies to be held on or after the date specified in regulations under subsection (2) of this section in relation to a class of registered society to which that society belongs, and at each third subsequent annual general meeting of the society, the members of the society present shall elect by secret ballot three members to form the supervisory committee of the society and the committee shall carry out functions and exercise powers corresponding to the functions and powers assigned to a Supervisory Committee under the Credit Union Act, 1966 . | ||
(4) The supervisory committee of a society to which this section applies shall consist of two members of the society who are not officers of the society and a trustee of the society. | ||
(5) The members of a supervisory committee of a society to which this section applies shall hold office until the conclusion of the third annual general meeting of the society following that at which they were elected. | ||
(6) A casual vacancy on the supervisory committee of a society to which this section applies shall be filled by the remaining members of the committee by appointment from among the members of the society and the person so appointed shall hold office until the conclusion of the next annual general meeting of the society following his appointment. |