This text of New York § 403 (Examination by directors) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 403. Examination by directors.
1.Once in each calendar year the\ndirectors of every savings and loan association by a committee of not\nless than three of their number, none of whom shall be salaried officers\nor employees of such association, shall examine fully the records and\naffairs of such association for the purpose of determining its true\nfinancial condition. Such examination shall be made as of a date not\nless than six months after the date of the previous such examination.\n 2. In the conduct of each such examination, inquiry shall be made\ninto the policies of management for the purpose of determining whether\nsuch policies are sound and consistent with the requirements of law, and\ninto such other matters as shall be necessary to enable the directors to\ndetermine wh
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§ 403. Examination by directors. 1. Once in each calendar year the\ndirectors of every savings and loan association by a committee of not\nless than three of their number, none of whom shall be salaried officers\nor employees of such association, shall examine fully the records and\naffairs of such association for the purpose of determining its true\nfinancial condition. Such examination shall be made as of a date not\nless than six months after the date of the previous such examination.\n 2. In the conduct of each such examination, inquiry shall be made\ninto the policies of management for the purpose of determining whether\nsuch policies are sound and consistent with the requirements of law, and\ninto such other matters as shall be necessary to enable the directors to\ndetermine whether adequate protection is afforded to shareholders and\ndepositors.\n 3. A savings and loan association's compliance with section one\nhundred twelve of the Federal Deposit Insurance Corporation Act of 1991,\nas implemented by the provisions of part three hundred sixty-three of\nthe rules and regulations of the Federal Deposit Insurance Corporation,\nas they may be amended from time to time, shall be deemed to satisfy the\nexamination requirement of this section.\n 4. The directors may employ such assistance as they deem necessary in\nmaking the examinations prescribed by this section. Within thirty days\nafter the completion of such examination, a report thereof, in such form\nas the superintendent may prescribe and sworn to by the directors making\nthe report, shall be presented to the board of directors of such\nassociation at a regular meeting, and placed on file in the office of\nthe association. Within ten days after the presentation of such report\nto the board of directors a duplicate thereof shall be filed in the\noffice of the superintendent, together with a certificate that such\nreport was presented to the board of directors, in the form prescribed\nby the superintendent.\n