Texas Finance Code - Section 96.051. Annual Audit
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§ 96.051. ANNUAL AUDIT. (a) Not later than the 90th day
after the date its fiscal year closes, a savings bank shall obtain
an audit by an independent accounting firm that is a member of the
American Institute of Certified Public Accountants or its
successor.
(b) A copy of the audit and all correspondence reasonably
related to the audit shall be provided to the commissioner.
(c) The finance commission may adopt rules as necessary to
implement this section.
(d) An audit is not required if the savings bank:
(1) received at its most recent examination a
composite rating of 1 or 2 on the CAMEL financial institution rating
scale; or
(2) had at the beginning of its current fiscal year
consolidated assets of $500 million or less.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 867, § 62, eff. Sept. 1, 2001.
Section: 95.101 95.102 95.103 95.104 95.105 96.001 96.002 96.051 96.053 96.054 96.055 96.056 96.057 96.101 96.102
Last modified: August 10, 2007
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