81-12-101 - Records; forms and accounting principles; closing of books; description of assets.
§ 81-12-101. Records; forms and accounting principles; closing of books; description of assets.
(1) Every association shall use such forms and observe such accounting principles and practices as the commissioner may require from time to time.
(2) Every association shall close its books annually.
(3) No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association or corporation or under any title or designation that is not truly descriptive of such assets.
Sources: Laws, 1977, ch. 445, § 29(5-7); reenacted, 1982, ch. 301, § 51; Laws, 1990 Ex Sess, ch. 52, § 52; Laws, 1993, ch. 441, § 52; Laws, 1994, ch. 622, § 84; reenacted without change, Laws, 1997, ch. 496, § 49; reenacted without change, Laws, 2001, ch. 488, § 51, eff from and after July 1, 2001.