§ 254. Examinations by trustees.
1.Once in each calendar year the\ntrustees of each savings bank by a committee of not less than three of\ntheir number, none of whom shall be an officer or salaried employee of,\nor an attorney who receives any fee, compensation or any other form of\nemolument for legal services rendered to, such savings bank, shall fully\nexamine the records and affairs of such savings bank, for the purpose of\ndetermining its true financial condition. Such examination shall be made\nas of a date not less than six months after the date of the previous\nsuch examination. In the conduct of each such examination inquiry shall\nbe made into the policies of management for the purpose of determining\nwhether such policies are sound and consistent with the requirements of\nl
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§ 254. Examinations by trustees. 1. Once in each calendar year the\ntrustees of each savings bank by a committee of not less than three of\ntheir number, none of whom shall be an officer or salaried employee of,\nor an attorney who receives any fee, compensation or any other form of\nemolument for legal services rendered to, such savings bank, shall fully\nexamine the records and affairs of such savings bank, for the purpose of\ndetermining its true financial condition. Such examination shall be made\nas of a date not less than six months after the date of the previous\nsuch examination. In the conduct of each such examination inquiry shall\nbe made into the policies of management for the purpose of determining\nwhether such policies are sound and consistent with the requirements of\nlaw, and into such other matters as shall be necessary to enable the\ntrustees to determine whether adequate protection is afforded to\ndepositors. The trustees may employ such assistants as they deem\nnecessary in making the examination prescribed by this section, other\nthan an attorney who receives any fee, compensation or any other form of\nemolument for legal services rendered to such savings bank.\n 2. A savings bank's compliance with section one hundred twelve of the\nFederal Deposit Insurance Corporation Act of 1991, as implemented by the\nprovisions of part three hundred sixty-three of the rules and\nregulations of the Federal Deposit Insurance Corporation, as they may be\namended from time to time, shall be deemed to satisfy the examination\nrequirement of this section.\n 3. A report of each such examination, in such form as may be\nprescribed by the superintendent, sworn to by the trustees making the\nsame shall, within thirty days after the completion of such examination,\nbe presented to the board of trustees of such savings bank at a regular\nmeeting and thereafter filed with the records of such savings bank.\nWithin ten days after the presentation of such report to the board of\ntrustees a duplicate thereof shall be filed in the office of the\nsuperintendent, together with a certificate that such report was\npresented to the board of trustees, in the form prescribed by the\nsuperintendent.\n