(1) Every credit union shall have and where thought advisable a society may have a supervisory committee which shall be elected by its members at the annual general meeting.
(2) The members of a supervisory committee shall hold office for such time as the by-laws provide and until their successors are elected.
(3) The supervisory committee shall consist of the number of members fixed by the by-laws, which shall be not fewer than 3.
(4) A person who is a member of the board or credit committee or who is an employee of the credit union or other society shall not be a member of the supervisory committee.
(5) A majority of the supervisory committee constitutes a quorum.
(6) A member entitled to vote at an election of members of the supervisory committee if he or she votes, shall cast a number of votes equal to or less than the number of the members of the supervisory committee to be elected, and the member shall distribute the votes among the candidates in such manner as he or she sees fit, but no candidate shall receive more than one vote from each member.
(7) Where a vacancy occurs in the supervisory committee, the supervisory committee may fill the vacancy until the next annual meeting of the credit union or society.
(8) The by-laws of the credit union or other society may provide for the election and retirement of members of the supervisory committee in rotation, but in that case no member shall be elected for a term of more than 3 years, and a person shall not serve as a member of the supervisory committee of a society for more than 2 consecutive terms or an aggregate of 6 successive years.