Section 60: Audit Committee

1) The Board of Directors of a bank or financial institution shall have to form an Audit Committee comprising three members under the headship of one non-executive Director.

2) The Chairperson of the bank or financial institution, convener of the sub-committee and the Chief Executive shall not be allowed to act in the audit committee referred to in sub-section (1).

3) Members of the committee referred to in sub-section (1) shall not be entitled to be engaged in collecting deposits, disbursing credits, investing in securities, and making decisions in any daily transaction that requires making expenses out of the approved budget.

4) Except in cases of meetings called by the Board of Directors, meetings of the Audit Committee shall normally be held once every three months.

5) Procedures of the meeting of the Audit Committee shall be as prescribed by the committee itself.