Rules & Regulations

Section 6.        Share Insurance

V.   Reporting

A.      A credit union share guaranty corporation shall file with the Administrator an annual report containing audited financial statements, prepared in accordance with generally accepted accounting principles by a certified public accountant, covering the fiscal year within one hundred days after the close of such fiscal year. The audited financial statements shall include at least a balance sheet and a statement of income and expenses for the year ended on the balance sheet date. The report and audited financial statements shall be accompanied by a report, certificate, or opinion of an independent certified public accountant or independent public accountant. Every such report shall be certified by the oath of the president and secretary of the corporation, and such verification shall state that the report is true and correct in all respects to the best of the knowledge and belief of the persons verifying.

B.      The Administrator shall have the right to examine the books and records of the credit union share guaranty corporation at his discretion. The corporation shall be assessed the reasonable costs of such an examination.

1.   Such examination fee may include the costs of engaging professionals to satisfactorily perform and complete the examination.

2.   In addition to any examination fees assessed by the Administrator, each approved credit union share guaranty corporation must proffer an annual processing fee to the Administrator in the amount of $5,000.

C.      The credit union share guaranty corporation shall notify the Administrator of any modifications or amendments to its contract with participating credit unions, including the risk eligibility standards, with its Alabama state chartered, participating credit unions prior to the effective date of such modification or amendment.

D.      The credit union share guaranty corporation shall provide copies to the Administrator of any report of examinations conducted by the corporation of Alabama state chartered, participating credit unions.

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