§421C-28  Books; review.  (a)  Subjectto subsection (b), every association shall keep a set of books of theassociation's business operations, which shall be reviewed at the end of eachfiscal year by a certified public accountant who shall not be an officer,director, or employee of the association.

(b)  Where the annual gross business income ofan association amounts to less than $1,000,000 (which amount shall be adjustedfor changes in the Consumer Price Index since May 15, 1982), the review neednot be done by a certified public accountant but may be performed by a reviewcommittee of two individuals who shall not be employees, plus the association'streasurer.

(c)  A written report of the review, which mayinclude a statement of the amount of business transacted with members and theamount transacted with nonmembers, and which shall include a balance sheet ofthe association's income and expenses, shall be submitted to the annual meetingof the association. [L 1982, c 97, pt of §2; am L 1984, c 217, §8]