7-3-34 - Contents of examination report of board of directors -- Failure to make and file report as misdemeanor. - Utah Statutes

7-3-34. Contents of examination report of board of directors -- Failure to makeand file report as misdemeanor.
The report required by Subsection 7-3-33(3) shall contain a statement of the assets andliabilities of the bank as shown by its books, and any deductions for the assets or additions to theliabilities which the directors, an examining committee, or examiner after the examination, mayrecommend. It shall also contain a detailed statement of loans, if any, which in their opinion areworthless or doubtful, together with their reasons for so regarding them, also a statement of loansmade on collateral security which in their opinion are insufficiently secured, giving in each casethe amount of the loan, the name and market value of the collateral, if it has any market value,and, if without market value, a statement of that fact and its actual value as near as it is possibleto ascertain. The report shall also contain a statement of overdrafts with the names of the personsowing the same and the amounts of those they consider worthless or doubtful, and a full statementof other matters which affect the solvency and soundness of the bank. If the directors of any bankwilfully fail to make and file, or cause to be made and filed, the examination and report in themanner and within the time specified, each director of the bank shall be guilty of a class Cmisdemeanor.

Enacted by Chapter 16, 1981 General Session