2002 Minnesota Statutes

     48.10 Annual audit; report. 

    The board of directors of a bank, bank and trust, or trust 
 company shall annually examine its books, either in person, or 
 by appointing an examining committee, or an auditor, who may be 
 an independent auditor or accountant.  The examining committee 
 or auditor shall be solely responsible to the directors.  A 
 report shall be made to the directors as to the scope of the 
 examination or audit, and also to show those assets, excluding 
 marketable securities and fixed assets, which are carried on the 
 books for more than actual value.  This report shall be retained 
 as a permanent record or incorporated in the minutes of the 
 meeting, and a copy of the report shall be sent to the 
 commissioner of commerce. 

    HIST: (7672) RL s 2988; 1945 c 94 s 1; 1957 c 601 s 10; 1959 c 
 88 s 5; 1977 c 272 s 8; 1983 c 289 s 114 subd 1; 1984 c 655 art 
 1 s 92; 1996 c 414 art 1 s 13