Texas Finance Code

§ 275.102 — AUDITS AND REPORTS

FI § 275.102Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 275. TEXAS MUTUAL TRUST INVESTMENT COMPANY ACT · Art. C. ADMINISTRATIVE PROVISIONS

Statute text

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(a)At least once each year, a mutual trust investment company shall cause an adequate audit to be made of the company by auditors responsible only to the board of directors of the company.

(b)A mutual trust investment company shall furnish annually a copy of the company's audited financial statement to each corporate fiduciary owning stock in the company.

(c)The mutual trust investment company shall pay the:

(1)reasonable expenses of an audit required by this section made by an independent public accountant or certified public accountant; and

(2)costs of preparing and distributing a report required by this section.

Legislative history

Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.