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Chapter 308B
Section 308B.445
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308B.445 AUDIT COMMITTEE.
The board shall establish an audit committee to review the financial information and
accounting report of the cooperative. The cooperative shall have the financial information audited
for presentation to the members unless the bylaws allow financial statements that are not audited
and the financial statements clearly state that they are not audited and the difference between the
financial statements and audited financial statements that are prepared according to generally
accepted accounting procedures. The directors shall elect members to the audit committee. The
audit committee shall ensure an independent review of the cooperative's finances and audit.
History: 2003 c 105 art 1 s 31
The board shall establish an audit committee to review the financial information and
accounting report of the cooperative. The cooperative shall have the financial information audited
for presentation to the members unless the bylaws allow financial statements that are not audited
and the financial statements clearly state that they are not audited and the difference between the
financial statements and audited financial statements that are prepared according to generally
accepted accounting procedures. The directors shall elect members to the audit committee. The
audit committee shall ensure an independent review of the cooperative's finances and audit.
History: 2003 c 105 art 1 s 31
Official Publication of the State of Minnesota
Revisor of Statutes