32-3-417. Audits. (1) The board of directors or supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and a summary of that report to the members at the next annual meeting of the credit union. The board or committee shall make or cause to be made any supplementary audits or examinations as it considers necessary or as are required by the department of administration or by the board of directors and submit reports of these supplementary audits to the board of directors.
(2) The board of directors or supervisory committee shall verify the records of the credit union consistent with 12 CFR 715.8 and 12 CFR 741.202.
History: En. 14-636 by Sec. 36, Ch. 38, L. 1975; R.C.M. 1947, 14-636; amd. Sec. 6, Ch. 522, L. 1985; amd. Sec. 28, Ch. 237, L. 2003; amd. Sec. 10, Ch. 317, L. 2015.
Structure Montana Code Annotated
Title 32. Financial Institutions
Part 4. Operation and Officers
32-3-403. Election or appointment of officials
32-3-404. Record of board and committee members
32-3-406. Compensation of officials
32-3-407. Conflicts of interest
32-3-409. Authority of directors
32-3-411. Meetings of board of directors and committees
32-3-416. Credit committee or credit manager duties
32-3-418. Suspension and removal of officials
32-3-419. Calling of special meeting