20-831. Annual statement; examination

281 words·~1 min read·/az/title-20/20-831

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Not later than March 31 of each year every corporation shall file with the director a statement of its financial condition, transactions and affairs as of the preceding December 31 as prescribed in sections 20-223 and 20-234 and shall pay the annual renewal fee prescribed in section 20-167.

B. At the time of filing its annual statement as required by section 20-223, a corporation shall also disclose to the director, in the form or manner prescribed by the director, information similar to that required of other corporations transacting business in this state pursuant to title 10, chapter 39, article 2 that is not already filed with or available to the director.

C. The director may appoint an examiner, deputy examiner or other person to examine into the affairs of the corporation who has the power of visitation and examination, is entitled to free access to all the books, papers and documents relating to the business of the corporation and may summon the officers, agents or employees or any other persons and require them to testify under oath concerning the affairs, transactions and condition of the corporation. An examination shall be conducted at least every five years.

D. The corporation shall pay the cost of the examination and audit, but the corporation is not required to pay for more than one audit or examination in any one year. The corporation shall pay the costs as provided for insurers pursuant to section 20-159.

E. A corporation that fails to timely file the annual statement required under subsection A of this section or fails to provide information required under subsection B of this section is subject to the penalties prescribed in section 20-223.