SECTION 119

The supervisory board or council, depending on the form of cooperative concerned, shall request in writing or verbally to the management committee or the board of directors which must reply within the time limits and conditions prescribed in the next paragraph of this Article, explanations on any fact which might jeopardize the performance of the cooperative that it noted during the performance of its duties. The management committee or the board of directors shall reply in writing or verbally during a special meeting within the month following the request for explanations. In its reply, it shall provide a thorough analysis of the situation in question, and where appropriate, it shall state planned measures. In the event of non-compliance with the provisions laid down in the preceding paragraph or if, despite the decisions taken, the supervisory board, or the supervisory council finds that the cooperative operations remain in jeopardy, its shall establish a special report to present to the next general meeting or, in case of emergency, to a meeting specially convened for that purpose. This option is vested, under the same conditions, to the parent institution to which the cooperative is a subsidiary.