311 - Examination. - New York Statutes

§ 311. Examination. At least once in each calendar year the corporation shall be examined by either the superintendent of banks or the superintendent of insurance for the purpose of determining the corporation's net worth and the soundness of its management and operating policies. The examination is to be made by the superintendant of banks in alternate years commencing with the examination for the year ending October thirty-first, nineteen hundred seventy-one, and by the superintendent of insurance in alternate years commencing with the examination for the year ending October thirty-first, nineteen hundred seventy-two. The corporation shall not, however, be deemed to be a banking or insurance organization. The corporation shall pay the cost of each such examination. Copies of each examination report, including the findings, conclusions and recommendations of the examiners, shall be furnished to the corporation. The corporation shall furnish copies of each report, including the findings, conclusions and recommendations of the examiners, to each of the holders of its capital stock and to its members. Such corporation shall make an annual report of its condition to the governor, legislature, superintendent of insurance and superintendent of banks on or before January first of each year.