370.120. Annual examination or audit report, exception--subpoena power. - Missouri Statutes

Annual examination or audit report, exception--subpoena power.

370.120. 1. The director of the division of credit unions, in personor by his or her agents, shall examine each credit union annually and atother times as he or she shall direct, and at all times shall have freeaccess to all books, papers, securities and other sources of informationpertaining to the credit union; except that the division of credit unionsshall examine qualifying credit unions, as determined by the director, atleast once each eighteen calendar months.

2. The director of the division of credit unions and his or heragents may subpoena and examine witnesses under oath or affirmation, anddocuments pertaining to the business of the credit unions.

3. The director of the division of credit unions may accept, in lieuof making an annual examination of a credit union, an audit report of thecondition of the credit union made by an auditor approved by the directorof the division of credit unions for the purpose of making such creditunion audits, the cost of which audit shall be borne by the credit union.

(RSMo 1939 § 5526, A.L. 1945 p. 689, A.L. 1945 p. 720, A. 1949 H.B. 2091, A.L. 1955 p. 259, A.L. 1959 S.B. 127, A.L. 1972 S.B. 502, A.L. 2002 H.B. 1921)

Prior revision: 1929 § 5084