6-502. Reports and examinations
A. The superintendent shall examine or cause to be examined each credit union at
periodic intervals as provided by section 6-122. The superintendent shall forward a
report of the examination to the board of directors of the credit union examined within
thirty days after completion of the report. Within thirty days after the receipt of the
report the directors shall meet to consider matters contained in the report.
B. In lieu of the examination required by subsection A of this section, the
superintendent may accept an examination or audit report of the condition of a credit
union made by the national credit union administration or by a certified public
accountant licensed in this state or other qualified person or organization approved by
the superintendent. The credit union shall bear the cost of any such examination or
audit. A certified public accountant or other qualified person or organization making an
audit to be submitted in lieu of an examination by the superintendent shall obtain prior
approval from the superintendent before conducting such an audit. In approving such an
audit the superintendent may prescribe minimum requirements for the audit including the
date by which the audit must be completed and a copy filed with the superintendent.
C. Within thirty days after the end of each calendar quarter a credit union shall
report to the superintendent, on forms supplied by the superintendent for that purpose,
its financial condition and the results of its operation for such quarter.
D. Unless excused for cause before or after the due date, a credit union which
fails to file a report when due shall pay the department, as assessed, up to one hundred
dollars for each day of delinquency.
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