7-3-33 - Examination of affairs by board of directors -- Purposes -- Frequency -- Report filed in bank records.
7-3-33. Examination of affairs by board of directors -- Purposes -- Frequency --Report filed in bank records.
(1) Except as otherwise expressly provided in this chapter, it shall be the duty of the boardof directors of every bank to examine or cause to be examined fully the books, papers, and affairsof the bank, and particularly the loans, discounts, and overdrafts thereof with a special view ofascertaining the value and security thereof and of the collateral security, if any, given inconnection therewith, and to inquire into such other matters as the commissioner of financialinstitutions or bank examiner may require.
(2) The examination shall be made not less frequently than once within an 18-monthperiod and at such other times as the commissioner may require.
(3) Within 30 days after the completion of the examination a report in writing thereofshall be made and placed on file with the records of the bank and shall be subject to examinationby the commissioner or bank examiner.
Amended by Chapter 20, 1995 General Session