17:12B-176 - Audits

17:12B-176.  Audits
    (1) The board of every such State association, other than an insured State association, shall cause a thorough audit of the condition of the State association to be made at least once in each calendar year in a manner and form  approved by the commissioner.  The audit shall be made by a competent accountant, not an officer, director, or employee of the State association, or by the commissioner at the request of the board.  Each such audit shall include  a verification of at least 20% in number of the members' accounts.  A written  report of the result of each such audit shall be made and certified or sworn to  by the person who shall make such audit and one copy of such report shall be  retained by the State association and another copy thereof shall be filed with  the commissioner within 90 days after the commencement of such audit, except  that, for good cause shown, the commissioner may, in his discretion, on  application of the State association made before expiration of such 90 day  period, extend for an additional period, not to exceed 30 days, the time when  such a report must be submitted.  If the board shall fail to provide for the  making of a proper audit, by a person or agency herein designated, or if the  required audit is not properly made, prepared or filed, the commissioner shall  make such audit or cause the same to be made.

    (2) The board of every insured State association shall comply with the audit  requirements of the Federal Savings and Loan Insurance Corporation, subject to  the approval of the commissioner.  If the board shall fail to provide for the  making of a proper audit as required by this subsection, or if the required  audit is not properly made, prepared or filed, the commissioner shall make such  audit or cause the same to be made.

    (3) Every State association which operates a continuous audit shall submit a  copy of the audit at a specific time during the year to the commissioner. The  commissioner shall determine the specific time when such report is to be submitted.

     L.1963, c. 144, s. 176.