Part 10 — Financial Disclosure
244 Audit committee
and any other cooperative may, have an audit committee composed
of not fewer than 3 directors, a majority of whom are not full-time
officers or employees of the cooperative or any of its affiliates.
(2) A distributing cooperative may apply to the Commission for an
order authorizing the cooperative to dispense with an audit
committee, and the Commission may, if satisfied that the members
and investment shareholders will not be prejudiced, permit the
distributing cooperative to dispense with an audit committee on any
reasonable conditions that the Commission thinks fit.
(3) The financial statements of the cooperative must be reviewed
by an audit committee before they are approved under section 231.
(4) The auditor of a cooperative is entitled to receive notice of
every meeting of the audit committee and, at the expense of the
cooperative, to attend and be heard at a meeting if matters relating
to the auditor's duties are to be discussed at the meeting.
(5) If requested to do so by a member of the audit committee, the
auditor must attend every meeting of the committee held during the
auditor's term of office.
(6) The auditor of a cooperative or a member of the audit
committee may call a meeting of the committee.