§ 254. Examinations by trustees.
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§ 254. Examinations by trustees. 1. Once in each calendar year the
trustees of each savings bank by a committee of not less than three of
their number, none of whom shall be an officer or salaried employee of,
or an attorney who receives any fee, compensation or any other form of
emolument for legal services rendered to, such savings bank, shall fully
examine the records and affairs of such savings bank, for the purpose of
determining its true financial condition. Such examination shall be made
as of a date not less than six months after the date of the previous
such examination. In the conduct of each such examination inquiry shall
be made into the policies of management for the purpose of determining
whether such policies are sound and consistent with the requirements of
law, and into such other matters as shall be necessary to enable the
trustees to determine whether adequate protection is afforded to
depositors. The trustees may employ such assistants as they deem
necessary in making the examination prescribed by this section, other
than an attorney who receives any fee, compensation or any other form of
emolument for legal services rendered to such savings bank.
2. A savings bank's compliance with section one hundred twelve of the
Federal Deposit Insurance Corporation Act of 1991, as implemented by the
provisions of part three hundred sixty-three of the rules and
regulations of the Federal Deposit Insurance Corporation, as they may be
amended from time to time, shall be deemed to satisfy the examination
requirement of this section.
3. A report of each such examination, in such form as may be
prescribed by the superintendent, sworn to by the trustees making the
same shall, within thirty days after the completion of such examination,
be presented to the board of trustees of such savings bank at a regular
meeting and thereafter filed with the records of such savings bank.
Within ten days after the presentation of such report to the board of
trustees a duplicate thereof shall be filed in the office of the
superintendent, together with a certificate that such report was
presented to the board of trustees, in the form prescribed by the
superintendent.