S-38 - Cooperative Syndicates Act

Full text
21. The board of supervision shall exercise supervision over the board of management and the committee of credit hereinafter mentioned, as to all the details of their management. It may, at any time, inspect all documents and the keeping of the books, and require the production of the cash on hand.
No member of the board of supervision may, either directly or indirectly, borrow from the association or become surety for any borrower.
The board of supervision or two of its members may, at any time, call a special general meeting of the association.
The proceedings of the board of supervision shall be entered in registers kept and written up by the manager.
The board of supervision of every co-operative syndicate for credit, provident or other economic purposes shall, at least once a year, cause all the operations of the association to be audited by an inspector of a federation organized under section 49. Such audit shall be made at the cost of the syndicate, unless it has already been affiliated with a federation.
R. S. 1964, c. 294, s. 21.