9-1116.   Meetings of board; examination of records, funds andsecurities; recording of results; acceptance of audit by certified publicaccountant or auditor.The board of directors shall hold at least four regular meetingseach year, at least one of which shall be held during each calendarquarter. The board of directors or an auditor selected bythe board shall makea thorough examination of the books, records, funds and securities held bythe bank or trust company at each of the quarterly meetings and the result of suchexamination shall be recorded in detail. If the board selects an auditor,the auditor's findings shall be reported directly to the board. In lieuof the required fourquarterly examinations, the board of directors may accept one annual auditby a certified public accountant or an independent auditor approved by thecommissioner.

      History:   L. 1947, ch. 102, § 45; L. 1967, ch. 71, § 1; L.1970, ch. 62, § 1; L. 1975, ch. 44, § 20; L. 1983, ch. 46, § 4; L.1989, ch. 48, § 29; July 1.