9-1701.   Examination of banks and trust companies.(a) The commissioner or the commissioner's assistant or examiners shallvisit each bank and trust company at least once every 18months, and mayvisit any bank or trust company if the commissioner deems it necessary, forthe purpose of making a full and careful examination and inquiry into thecondition of the affairs of such bank or trust company. For such purposethe commissioner, the commissioner's assistant and examiners are authorizedto administer oaths and to examine under oath the directors, officers,employees and agents of any bank or trust company. Such examination shallbe reduced to writing by the person making it and such person's reportsshall contain a full, true and careful statement of the condition of suchbank or trust company. The commissioner in lieu of making a directexamination and inquiry may accept the examination and report of anauthorized federal agency. The commissioner shall provide to the board ofdirectors of the bank or trust company a copy of the examination report writtenby the state examiners. Neither thecommissioner, the commissioner's assistant nor any examiner shall examineany bank or trust company in which the person making such examination is astockholder or is otherwise financially interested or to which bank ortrust company or any officer thereof the person making the examination isindebted.

      (b)   The examination team may conduct an exit review meeting with theboard ofdirectors of a bank or trust company following the examination provided insubsection (a), of such bank or trust company.Such an exitreview shall be conducted when requested by the board of directors ormanagement of the bank or trust company.Minutes shall be keptat all exit review meetings by the bank in any manner the bank determines to beappropriate.

      History:   L. 1947, ch. 102, § 87; L. 1965, ch. 78, §1; L. 1975, ch. 44, § 29; L. 1976, ch. 59, § 1; L. 1984, ch. 48, § 13;L. 1991, ch. 47, § 1; July 1.