397-A - Report to directors.
§ 397-a. Report to directors. The board of directors of every savings and loan association shall designate, by resolution duly recorded in the minutes, an officer or officers whose duty it shall be to prepare and submit to each director present at a regular meeting of the board or to each member of an executive committee of not less than five members of such board present at a regular meeting of such committee, a written report containing such information and meeting such requirements as are required in the case of reports submitted to the trustees of savings banks pursuant to section two hundred fifty-two of this chapter and such regulations as the superintendent may promulgate thereunder or hereunder. A copy of such report, verified by the affidavit of the officer or officers charged with the duty of preparing and submitting such report, together with a list of the directors present at such meeting, shall be filed with the records of the savings and loan association within one day after such meeting, and shall be presumptive evidence of the matters therein stated. The superintendent, by regulation, may require the preparation and submission of such a report to directors at dates other than those required herein.