(1) There shall be appointed by the Board an Audit Committee whose chairperson shall be appointed by the members from among their number.

(2) The Audit Committee shall consist of three members and its responsibilities shall be to:

(a) establish appropriate accounting procedures and accounting controls for the Bank and supervise compliance with these procedures;

(b) monitor compliance with enactments applicable to the Bank and report to the Board thereon;

(c) deliver opinions on any matters submitted to it by the Board or management;

(d) receive and examine the external auditor's report and recommend to the Board any appropriate action to be taken; and

(e) Review the work of the Chief Internal Auditor.

(3) The Audit Committee shall meet ordinarily once every quarter and extraordinarily when convened by the Board or management.