7-3-35 - Examinations in lieu of directors' examination -- Report filed with board minutes.
7-3-35. Examinations in lieu of directors' examination -- Report filed with boardminutes.
(1) With the approval of the commissioner, and under rules and regulations prescribed byhim, any examination made during an 18-month period by the department, the applicable federalreserve bank or the Federal Deposit Insurance Corporation, or a certified audit prepared by anindependent certified public accountant may be substituted for the directors' examination requiredunder Section 7-3-33.
(2) If an examination by the department, the applicable federal reserve bank, or theFederal Deposit Insurance Corporation or an audit by a certified public accountant, is substitutedfor the directors' examination, the board of directors of the examined bank, or an examiningcommittee appointed by the board shall prepare and file with the minutes of the board a detailedwritten report of the findings and recommendations based upon the examination. The report shallbe in addition to any other requirements prescribed by the commissioner.
Enacted by Chapter 16, 1981 General Session