Marginal note:Deemed by-laws
197. (1) Any matter provided for in the incorporating instrument of the former-Act association on the coming into force of this Part that, under this Act, would be provided for in the by-laws of an association is deemed to be provided for in the by-laws of the association.
Marginal note:By-law prevails
(2) Where a by-law of the association made in accordance with sections 192 and 194 amends or repeals any matter referred to in subsection (1), the by-law prevails.
Committees of the Board
198. The directors of an association may appoint from their number, in addition to the committees referred to in subsection 167(2), such other committees as they deem necessary and, subject to section 202, delegate to those committees such powers of the directors, and assign to those committees such duties, as the directors consider appropriate.
Marginal note:Audit committee
199. (1) The audit committee of an association shall consist of at least three directors.
(2) None of the members of the audit committee may be
(a) employees of the association or of a subsidiary of the association; or
(b) officers of the association or of a subsidiary of the association who are involved in the day-to-day operation of the association or subsidiary.
Marginal note:Duties of audit committee
(3) The audit committee of an association shall
(a) review the annual statement of the association before the annual statement is approved by the directors;
(b) review such returns of the association as the Superintendent may specify;
(c) require the management of the association to implement and maintain appropriate internal control procedures;
(c.1) review, evaluate and approve those procedures;
(d) review such investments and transactions that could adversely affect the well-being of the association as the auditor or any officer of the association may bring to the attention of the committee;
(e) meet with the auditor to discuss the annual statement and the returns and transactions referred to in this subsection; and
(f) meet with the chief internal auditor of the association, or the officer or employee of the association acting in a similar capacity, and with management of the association, to discuss the effectiveness of the internal control procedures established for the association.
(4) In the case of the annual statement and returns of an association that under this Act must be approved by the directors of the association, the audit committee of the association shall report thereon to the directors before the approval is given.
Marginal note:Required meeting of directors
(5) The audit committee of an association may call a meeting of the directors of the association to consider any matter of concern to the committee.
- 1991, c. 48, s. 199;
- 1997, c. 15, s. 126.
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