§ 75. Audit and annual report.

168 words·~1 min read·/ny/cooperative-corporations/miscellaneous-provisions/75·

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

§ 75. Audit and annual report. Immediately after the close of each

fiscal year, every cooperative corporation shall cause an audit to be

made of its operations for such fiscal year. A written report of the

audit, including a statement of services rendered by the corporation,

with total amount of business transacted, balance sheet, income and

expenses shall be submitted to the annual meeting of the corporation and

shall at all times be available for inspection by any member. Such

audit shall be made by an experienced bookkeeper or accountant or firm

of accountants not regularly employed by the corporation, provided that

in the case of a cooperative corporation, the annual business of which

amounts to less than one hundred thousand dollars, the audit may be made

by an auditing committee of three members or stockholders of the

corporation who shall not be directors, officers, or employees thereof.

Any person violating or failing to comply with the provisions of this

section shall be deemed guilty of a misdemeanor.