(a) In addition to anyand all other powers, duties and functions vested in the Secretary of Commerceunder the provisions of this Article, and for the protection of memberinstitutions and the general public, the Secretary of Commerce shall havegeneral control and supervision over all mutual deposit guaranty associationsdoing business in this State. Mutual deposit guaranty associations shall besubject to the control and supervision of the Secretary of Commerce as to theirconduct, organization, management, business practices, reserve requirements andtheir financial and fiscal matters. The grant of general control andsupervision over mutual deposit guaranty associations to the Secretary ofCommerce by this Article shall in no way be deemed to affect the existingpowers, duties and responsibilities of the Credit Union Commission, theCommissioner of Banks, or the State Banking Commission except for the removalherein of general control and supervision over mutual deposit guarantyassociations from the Administrator of the Savings Institutions Division to theSecretary of Commerce.
(b) The Secretary ofCommerce shall have the right, and is hereby empowered to issue rules andregulations whenever he deems it necessary for the administration of thisArticle as well as rules and regulations with respect to:
(1) Types of financialrecords to be maintained by mutual deposit guaranty associations;
(2) Retention periods ofvarious financial records;
(3) Internal controlprocedures of mutual deposit guaranty associations;
(4) Conduct andmanagement of mutual deposit guaranty associations;
(5) Additional reportswhich may be required by the Secretary of Commerce.
It shall be the duty of the boardof directors or board of trustees of the mutual deposit guaranty association toput into effect and to carry out such rules and regulations.
(c) At least once eachyear the Secretary of Commerce shall make or cause to be made an examinationinto the affairs of each mutual deposit guaranty association doing business inthis State. The Administrator of the Credit Union Division of this State, inhis capacity as supervisor of state‑chartered credit unions, if he deemsit necessary, may designate agents to participate in such examination. TheCommissioner of Banks, in his capacity as supervisor of State chartered savingsand loan associations, may designate agents to participate in such examination.The expenses of such yearly examination shall be paid by the mutual depositguaranty association so examined. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 76,s. 23; c. 751, s. 8(6); 1991 (Reg. Sess., 1992), c. 959, s. 14; 2001‑193,ss. 13, 16.)
(a) In addition to anyand all other powers, duties and functions vested in the Secretary of Commerceunder the provisions of this Article, and for the protection of memberinstitutions and the general public, the Secretary of Commerce shall havegeneral control and supervision over all mutual deposit guaranty associationsdoing business in this State. Mutual deposit guaranty associations shall besubject to the control and supervision of the Secretary of Commerce as to theirconduct, organization, management, business practices, reserve requirements andtheir financial and fiscal matters. The grant of general control andsupervision over mutual deposit guaranty associations to the Secretary ofCommerce by this Article shall in no way be deemed to affect the existingpowers, duties and responsibilities of the Credit Union Commission, theCommissioner of Banks, or the State Banking Commission except for the removalherein of general control and supervision over mutual deposit guarantyassociations from the Administrator of the Savings Institutions Division to theSecretary of Commerce.
(b) The Secretary ofCommerce shall have the right, and is hereby empowered to issue rules andregulations whenever he deems it necessary for the administration of thisArticle as well as rules and regulations with respect to:
(1) Types of financialrecords to be maintained by mutual deposit guaranty associations;
(2) Retention periods ofvarious financial records;
(3) Internal controlprocedures of mutual deposit guaranty associations;
(4) Conduct andmanagement of mutual deposit guaranty associations;
(5) Additional reportswhich may be required by the Secretary of Commerce.
It shall be the duty of the boardof directors or board of trustees of the mutual deposit guaranty association toput into effect and to carry out such rules and regulations.
(c) At least once eachyear the Secretary of Commerce shall make or cause to be made an examinationinto the affairs of each mutual deposit guaranty association doing business inthis State. The Administrator of the Credit Union Division of this State, inhis capacity as supervisor of state‑chartered credit unions, if he deemsit necessary, may designate agents to participate in such examination. TheCommissioner of Banks, in his capacity as supervisor of State chartered savingsand loan associations, may designate agents to participate in such examination.The expenses of such yearly examination shall be paid by the mutual depositguaranty association so examined. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 76,s. 23; c. 751, s. 8(6); 1991 (Reg. Sess., 1992), c. 959, s. 14; 2001‑193,ss. 13, 16.)
(a) In addition to anyand all other powers, duties and functions vested in the Secretary of Commerceunder the provisions of this Article, and for the protection of memberinstitutions and the general public, the Secretary of Commerce shall havegeneral control and supervision over all mutual deposit guaranty associationsdoing business in this State. Mutual deposit guaranty associations shall besubject to the control and supervision of the Secretary of Commerce as to theirconduct, organization, management, business practices, reserve requirements andtheir financial and fiscal matters. The grant of general control andsupervision over mutual deposit guaranty associations to the Secretary ofCommerce by this Article shall in no way be deemed to affect the existingpowers, duties and responsibilities of the Credit Union Commission, theCommissioner of Banks, or the State Banking Commission except for the removalherein of general control and supervision over mutual deposit guarantyassociations from the Administrator of the Savings Institutions Division to theSecretary of Commerce.
(b) The Secretary ofCommerce shall have the right, and is hereby empowered to issue rules andregulations whenever he deems it necessary for the administration of thisArticle as well as rules and regulations with respect to:
(1) Types of financialrecords to be maintained by mutual deposit guaranty associations;
(2) Retention periods ofvarious financial records;
(3) Internal controlprocedures of mutual deposit guaranty associations;
(4) Conduct andmanagement of mutual deposit guaranty associations;
(5) Additional reportswhich may be required by the Secretary of Commerce.
It shall be the duty of the boardof directors or board of trustees of the mutual deposit guaranty association toput into effect and to carry out such rules and regulations.
(c) At least once eachyear the Secretary of Commerce shall make or cause to be made an examinationinto the affairs of each mutual deposit guaranty association doing business inthis State. The Administrator of the Credit Union Division of this State, inhis capacity as supervisor of state‑chartered credit unions, if he deemsit necessary, may designate agents to participate in such examination. TheCommissioner of Banks, in his capacity as supervisor of State chartered savingsand loan associations, may designate agents to participate in such examination.The expenses of such yearly examination shall be paid by the mutual depositguaranty association so examined. (1981, c. 282, s. 3; 1983, c. 719, s. 2; 1989, c. 76,s. 23; c. 751, s. 8(6); 1991 (Reg. Sess., 1992), c. 959, s. 14; 2001‑193,ss. 13, 16.)
