17:9A-254. Report on examination; statement by directors; filing

204 words·~1 min read·/nj/title-17/chapter-9a/17-9a-254

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

A. Within sixty days after the completion of an examination made pursuant to section 253, a report thereof, in such form as the commissioner may prescribe, certified by the person by whom or under whose supervision the examination was made, shall be presented to the directors at a meeting of the board. The board of directors thereupon shall cause a statement to be prepared showing in detail such of the assets of the bank, other than loans, which, in the judgment of the board, have a value less than the value at which they are carried on the books of the bank, and stating the value, in its judgment, of such assets.

There shall also be included in the statement a list of those loans which, in the judgment of the board, are

(1)worthless, or

(2)doubtful, or

(3)insufficiently secured.

B. Within the same sixty day period specified in subsection A of this section, the directors shall file in the department

(1)a copy of the report of the examination, certified as required by said subsection, and

(2)a copy of the statement prepared pursuant to said subsection, certified by an officer of the bank.

L.1948, c. 67, p. 371, s. 254.