§ 1703. Supervision and examination of association by Commissioner.
346 words·~2 min read·
/de/title-5/chapter-17-regulation/subchapter-i-general-provisions/1703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Every building and loan association having an office or place of business in this State and transacting business in this State shall be subject to the supervision and examination of the State Bank Commissioner, and shall be examined by the Commissioner as frequently as deemed necessary or expedient. On the occasion of every examination under this section, the Commissioner shall in company with 1 or more of the officers of the association visited be given access to every part of the office or place of business visited and to the assets, securities, books and papers of the association.
(b)Any examination under this chapter may be made by the Commissioner in person or by the Commissioner’s deputy, or the Commissioner’s clerk, or by special persons designated by the Commissioner, when so authorized by the Commissioner and acting under the Commissioner’s orders. Before proceeding with the examination of any association, the person conducting the examination shall, if required, exhibit to the officers of the association satisfactory evidence of such person’s authority to make the examination.
(c)The examination required by this section shall be a thorough examination into the affairs of the association visited, its resources and liabilities, the investment of its funds, the mode of conducting its business, the safety and prudence of its management, the acts of its officers, directors or trustees, and its compliance or noncompliance with its charter and bylaws and of this Code and any other statutes of the State.
(d)In connection with any examination under this section, the Commissioner may examine, under oath or affirmation, the officers, directors or trustees, and the employees, of the association, relative to its affairs, and, for this purpose, the Commissioner may administer oaths or affirmations.
(e)Notwithstanding any other provision of this title, a building and loan association with less than $2,000,000 in assets shall be charged no more than the cost of 5 examiner work days for an examination under this section. For the purposes of this section, an examiner work day is the calculated daily rate of pay for an examiner.