Examinations and audits; fees.
1. The Division shall annually conduct or cause to be conducted an examination of each credit union organized under the provisions of this chapter. For the purpose of performing the examination, the personnel of the Division may:
(a) Subpoena witnesses and documents;
(b) Administer oaths; and
(c) Compel the giving of testimony.
2. The report of the examination must contain comments to the members relative to the management of the affairs of the credit union and the general condition of the assets. Within 30 days following the receipt of the report, the directors shall call a general meeting of key personnel to consider matters contained in the report.
3. The Division shall forward a copy of the report to the chairman of each credit union within 30 days after it is completed. The board of directors shall inform the members of the credit union of its general condition at the next annual meeting.
4. For each examination the credit union shall pay a fee based on the rate established pursuant to NRS 658.101.
5. The board of directors may engage a certified public accountant to perform such an examination in lieu of the Division staff. In such cases, the examination must be equivalent to the type of examination made by the Division and the expense must be borne by the credit union being inspected.
6. The Commissioner shall determine whether an examination performed by an accountant pursuant to subsection 5 is equivalent to an examination conducted by the Division. The Commissioner may examine any area of the operation of a credit union if the Commissioner determines that the examination of that area is not equivalent to an examination conducted by the Division.
Last modified: February 26, 2006