Subsection 1: Guidance and Supervisory Board

The guidance and supervisory board of a caisse de crédit municipal comprises, in addition to the chairman, between six and twenty members. The number of members of the guidance and supervisory board is decided by the mayor of the municipality in which the caisse has its registered office, after consultation with the director of the caisse de crédit municipal. The mayor informs the municipal council of his decision.

Members of the Guidance and Supervisory Board must not have been convicted of any offence entailing electoral disqualification or incapacity. If a member is disqualified or disqualified from standing for election during his term of office, he shall be declared automatically to have resigned by the representative of the State in the département in which the principal place of business is located.

The term of office for members of the Guidance and Supervisory Board is three years. This term is renewable. Members of the Guidance and Supervisory Board, who are elected from among their number by the municipal council of the municipality in which the establishment has its registered office, retain their mandate with the Caisse only insofar as they continue to be members of the municipal council. The term of office…

The mayor may grant honorary status to members of the Guidance and Supervisory Board who cease to hold office, provided that they have held office for twelve years.

If a member of the Guidance and Supervisory Board ceases to hold office for any reason whatsoever, the mayor shall replace him or her no later than two months after the member ceases to hold office.

The Guidance and Supervisory Board elects a Vice-Chairman by an absolute majority of its members in office. If, after two rounds of voting, no candidate has obtained this majority, the election is held in the third round by a relative majority; in the event of a tie, the oldest candidate is declared elected.

In the absence of the Chairman, the office of Chairman shall be held by the Vice-Chairman or, in the latter’s absence, by the most senior member of the Board present and, in the event of equality of seniority between them, by the eldest.

The Guidance and Supervisory Board meets at least once every three months. It may also be convened by the Chairman whenever he considers it necessary or at the request of the majority of its members or the Director of the institution. The members of the Board may be represented by one of their number, provided that this person holds only this mandate. The power of attorney must be in the…

The Guidance and Supervisory Board may only validly deliberate if at least two thirds of the members in office are present or represented. When this quorum is reached, resolutions are adopted by an absolute majority of the members present or represented. If this quorum is not reached, a new notice of meeting is sent to the members of the Board within fifteen days. Resolutions are then passed by a relative…

I. – The Guidance and Supervisory Board adopts the internal regulations, which govern in particular the organisation of work and the internal control procedures designed to ensure the security of operations. It oversees the application of regulations relating to employee relations and, where appropriate, examines the caisse’s social balance sheet. It approves the general terms and conditions of deposits, loans and other services offered by the caisse to its customers….