§421C-28  Books; review.  (a)  Subject
to subsection (b), every association shall keep a set of books of the
association's business operations, which shall be reviewed at the end of each
fiscal 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 of
an association amounts to less than $1,000,000 (which amount shall be adjusted
for changes in the Consumer Price Index since May 15, 1982), the review need
not be done by a certified public accountant but may be performed by a review
committee of two individuals who shall not be employees, plus the association's
treasurer.



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