State Codes and Statutes

Statutes > North-carolina > Chapter_116B > GS_116B-72

§ 116B‑72.  Requests for reports and examinationof records.

(a)        The Treasurer may require a person who has not filed areport, or a person who the Treasurer believes has filed an inaccurate,incomplete, or false report, to file a verified report in a form specified bythe Treasurer. The report must state whether the person is holding propertyreportable under this Chapter, describe property not previously reported or asto which the Treasurer has made inquiry, and specifically identify and statethe value of property that may be in issue.

(b)        The Treasurer, at reasonable times and upon reasonablenotice, may examine the records of any person to determine whether the personhas complied with this Chapter. The Treasurer may conduct the examination evenif the person believes it is not in possession of any property that must bereported, paid, or delivered under this Chapter. The Treasurer may contractwith any other person to conduct the examination on behalf of the Treasurer.

(c)        The Treasurer at reasonable times may examine the records ofan agent, including a dividend disbursing agent or transfer agent, of abusiness association that is the holder of property presumed abandoned if theTreasurer has given the notice required by subsection (b) of this section toboth the association and the agent at least 90 days before the examination.

(d)        Documents and working papers obtained or compiled by theTreasurer, or the Treasurer's agents, employees, or designated representatives,in the course of conducting an examination are confidential, but the documentsand papers may be:

(1)        Used by the Treasurer in the course of an action to collectunclaimed property or otherwise enforce this Chapter;

(2)        Used in joint examinations conducted with or pursuant to anagreement with another state, the federal government, or any other governmentalsubdivision, agency, or instrumentality;

(3)        Produced pursuant to subpoena or court order; or

(4)        Disclosed to the abandoned property office of another statefor that state's use in circumstances equivalent to those described in thissubsection, if the other state is bound to keep the documents and papersconfidential.

(e)        If an examination results in the disclosure of propertyreportable under this Chapter, the Treasurer may assess, against a holder whomade a fraudulent report, the cost of the examination at the rate of twohundred dollars ($200.00) a day for each examiner, or a greater amount that isreasonable and was incurred, but the assessment may not exceed the value of theproperty found to be reportable. The cost of an examination made pursuant tosubsection (c) of this section may be assessed only against the businessassociation.

(f)         If a holder does not maintain the records required by G.S.116B‑73 and the records of the holder available for the periods subjectto this Chapter are insufficient to permit the preparation of a report, theTreasurer may require the holder to report and pay to the Treasurer the amountthe Treasurer reasonably estimates, on the basis of any available records ofthe holder or by any other reasonable method of estimation, should have been,but was not reported. (1979, 2nd Sess., c. 1311, s. 1; 1981, c. 671, s. 18; 1999‑460,s. 6.)

State Codes and Statutes

Statutes > North-carolina > Chapter_116B > GS_116B-72

§ 116B‑72.  Requests for reports and examinationof records.

(a)        The Treasurer may require a person who has not filed areport, or a person who the Treasurer believes has filed an inaccurate,incomplete, or false report, to file a verified report in a form specified bythe Treasurer. The report must state whether the person is holding propertyreportable under this Chapter, describe property not previously reported or asto which the Treasurer has made inquiry, and specifically identify and statethe value of property that may be in issue.

(b)        The Treasurer, at reasonable times and upon reasonablenotice, may examine the records of any person to determine whether the personhas complied with this Chapter. The Treasurer may conduct the examination evenif the person believes it is not in possession of any property that must bereported, paid, or delivered under this Chapter. The Treasurer may contractwith any other person to conduct the examination on behalf of the Treasurer.

(c)        The Treasurer at reasonable times may examine the records ofan agent, including a dividend disbursing agent or transfer agent, of abusiness association that is the holder of property presumed abandoned if theTreasurer has given the notice required by subsection (b) of this section toboth the association and the agent at least 90 days before the examination.

(d)        Documents and working papers obtained or compiled by theTreasurer, or the Treasurer's agents, employees, or designated representatives,in the course of conducting an examination are confidential, but the documentsand papers may be:

(1)        Used by the Treasurer in the course of an action to collectunclaimed property or otherwise enforce this Chapter;

(2)        Used in joint examinations conducted with or pursuant to anagreement with another state, the federal government, or any other governmentalsubdivision, agency, or instrumentality;

(3)        Produced pursuant to subpoena or court order; or

(4)        Disclosed to the abandoned property office of another statefor that state's use in circumstances equivalent to those described in thissubsection, if the other state is bound to keep the documents and papersconfidential.

(e)        If an examination results in the disclosure of propertyreportable under this Chapter, the Treasurer may assess, against a holder whomade a fraudulent report, the cost of the examination at the rate of twohundred dollars ($200.00) a day for each examiner, or a greater amount that isreasonable and was incurred, but the assessment may not exceed the value of theproperty found to be reportable. The cost of an examination made pursuant tosubsection (c) of this section may be assessed only against the businessassociation.

(f)         If a holder does not maintain the records required by G.S.116B‑73 and the records of the holder available for the periods subjectto this Chapter are insufficient to permit the preparation of a report, theTreasurer may require the holder to report and pay to the Treasurer the amountthe Treasurer reasonably estimates, on the basis of any available records ofthe holder or by any other reasonable method of estimation, should have been,but was not reported. (1979, 2nd Sess., c. 1311, s. 1; 1981, c. 671, s. 18; 1999‑460,s. 6.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_116B > GS_116B-72

§ 116B‑72.  Requests for reports and examinationof records.

(a)        The Treasurer may require a person who has not filed areport, or a person who the Treasurer believes has filed an inaccurate,incomplete, or false report, to file a verified report in a form specified bythe Treasurer. The report must state whether the person is holding propertyreportable under this Chapter, describe property not previously reported or asto which the Treasurer has made inquiry, and specifically identify and statethe value of property that may be in issue.

(b)        The Treasurer, at reasonable times and upon reasonablenotice, may examine the records of any person to determine whether the personhas complied with this Chapter. The Treasurer may conduct the examination evenif the person believes it is not in possession of any property that must bereported, paid, or delivered under this Chapter. The Treasurer may contractwith any other person to conduct the examination on behalf of the Treasurer.

(c)        The Treasurer at reasonable times may examine the records ofan agent, including a dividend disbursing agent or transfer agent, of abusiness association that is the holder of property presumed abandoned if theTreasurer has given the notice required by subsection (b) of this section toboth the association and the agent at least 90 days before the examination.

(d)        Documents and working papers obtained or compiled by theTreasurer, or the Treasurer's agents, employees, or designated representatives,in the course of conducting an examination are confidential, but the documentsand papers may be:

(1)        Used by the Treasurer in the course of an action to collectunclaimed property or otherwise enforce this Chapter;

(2)        Used in joint examinations conducted with or pursuant to anagreement with another state, the federal government, or any other governmentalsubdivision, agency, or instrumentality;

(3)        Produced pursuant to subpoena or court order; or

(4)        Disclosed to the abandoned property office of another statefor that state's use in circumstances equivalent to those described in thissubsection, if the other state is bound to keep the documents and papersconfidential.

(e)        If an examination results in the disclosure of propertyreportable under this Chapter, the Treasurer may assess, against a holder whomade a fraudulent report, the cost of the examination at the rate of twohundred dollars ($200.00) a day for each examiner, or a greater amount that isreasonable and was incurred, but the assessment may not exceed the value of theproperty found to be reportable. The cost of an examination made pursuant tosubsection (c) of this section may be assessed only against the businessassociation.

(f)         If a holder does not maintain the records required by G.S.116B‑73 and the records of the holder available for the periods subjectto this Chapter are insufficient to permit the preparation of a report, theTreasurer may require the holder to report and pay to the Treasurer the amountthe Treasurer reasonably estimates, on the basis of any available records ofthe holder or by any other reasonable method of estimation, should have been,but was not reported. (1979, 2nd Sess., c. 1311, s. 1; 1981, c. 671, s. 18; 1999‑460,s. 6.)