SUPERVISORY COMMITTEE’S RESPONSIBILITIES

011 SUPERVISORY COMMITTEE’S RESPONSIBILITIES. 011.01 The responsibilities of the Supervisory Committee closely parallel the responsibilities stated in Section 010 of this Rule for the Board of Directors. If an independent audit is to be performed, the Supervisory Committee has the obligation to assure its compliance with the Rule. 011.02 Deficient areas of operation are to be corrected to the satisfaction of the Supervisory Committee and the Board of Directors.

If not corrected, the Supervisory Committee is charged by the statutes to proceed with suspension proceedings.