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This entry was published on 2014-09-22
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SECTION 311
Examination
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 7
§ 311. Examination. At least once in each calendar year the
corporation shall be examined by the superintendent of financial
services for the purpose of determining the corporation's net worth and
the soundness of its management and operating policies. 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 and superintendent of financial services on or before
January first of each year.