(1) The credit committee shall—
(a) meet at least once every month;
(b) keep minutes of its meetings;
(c) submit a report to the board stating—
(i) the number of loan applications received,
(ii) the number and category of loans granted,
(iii) the security obtained for the loans granted,
(iv) applications denied, and delinquent loans; and
(d) submit an annual report on the matters referred to in paragraph (c) to the annual meeting of the credit union.
(2) The members of a society may, by special resolution in a special meeting called for the purpose, remove a credit committee which fails to comply with subsection (1)(c).