New Jersey § 17:12b-176
Full text of New Jersey New Jersey Statutes § 17:12b-176, with citation guidance and answers to common questions.
§ 17:12b-176.
(1) The board of every such State association, other than an insured State association,
shall cause a thorough audit of the condition of the State association to be made
at least once in each calendar year in a manner and form approved by the commissioner. The audit shall be made by a competent accountant, not an officer, director, or
employee of the State association, or by the commissioner at the request of the board. Each such audit shall include a verification of at least 20% in number of the members'
accounts. A written report of the result of each such audit shall be made and certified or
sworn to by the person who shall make such audit and one copy of such report shall
be retained by the State association and another copy thereof shall be filed with
the commissioner within 90 days after the commencement of such audit, except that,
for good cause shown, the commissioner may, in his discretion, on application of the
State association made before expiration of such 90 day period, extend for an additional
period, not to exceed 30 days, the time when such a report must be submitted. If the board shall fail to provide for the making of a proper audit, by a person
or agency herein designated, or if the required audit is not properly made, prepared
or filed, the commissioner shall make such audit or cause the same to be made. (2) The board of every insured State association shall comply with the audit requirements
of the Federal Savings and Loan Insurance Corporation, subject to the approval of
the commissioner. If the board shall fail to provide for the making of a proper audit as required
by this subsection, or if the required audit is not properly made, prepared or filed,
the commissioner shall make such audit or cause the same to be made. (3) Every State association which operates a continuous audit shall submit a copy
of the audit at a specific time during the year to the commissioner. The commissioner shall determine the specific time when such report is to be submitted.
Frequently Asked Questions About New Jersey § 17:12b-176
What does New Jersey Statutes § 17:12b-176 cover?
Section 17:12b-176 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 17:12b-176?
A common citation format is "New Jersey Statutes § 17:12b-176" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 17:12b-176 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.