| (1) | A co-operative’s decision-making structure provided for in its constitution must conform with the requirements of this section. |
| (3) | The board of directors is accountable— |
| (a) | to the general meeting; and |
| (b) | between general meetings, to the supervisory committee if a supervisory committee is provided for in the constitution of a co-operative. |
| (4) | The supervisory committee— |
| (b) | must consist of members who are not directors; and |
| (c) | may be established for every co-operative if the constitution of the co-operative concerned provides for such committee. |
[Section 27(4) inserted by section 24 of Notice No. 558, GG 36729, dated 5 August 2013]
| (5) | The supervisory committee— |
| (a) | is responsible for supervising the Board by representing the interests of its members; |
| (b) | must, if there is reasonably reliable information that indicates that any act or omission by the Board may impact negatively on the co-operative or any of its members, call a special meeting of all its members to discuss such act or omission; and |
| (c) | must, within seven days after a special meeting contemplated in paragraph (b), in writing inform the— |
| (i) | Tribunal of the outcome of such meeting; and |
| (ii) | Board and the member or members affected or concerned of the meeting’s decision and reasons for the decision. |
[Section 27(5) inserted by section 24 of Notice No. 558, GG 36729, dated 5 August 2013]
| (6) | If the supervisory committee has not complied with subsection (5)(c), a member of the co-operative may report the matter to the Tribunal for investigation. |
[Section 27(6) inserted by section 24 of Notice No. 558, GG 36729, dated 5 August 2013]
