§224. Records to be kept by supervised institutions
1.Records for superintendent.
A financial institution authorized to do business in this State shall keep those
books, accounts and records relating to all transactions that enable the superintendent
to ensure full compliance with the laws of this State.
1995, c. 628, §13 (AMD)
2.Loans and investments.
The board of each financial institution shall establish written policies for approval
of loans and investments. In the policies, the board may delegate to officers, employees
or committees comprised of officers, employees, or board members, the authority to
approve loans and investments. The board may retain authority to approve or ratify
types or classes of loans or investments as it considers reasonable. The board shall
retain authority to approve or ratify types or classes of loans or investments where
the approval is otherwise specifically required by this Title. The superintendent
has authority to review loan and investment policies to assure that they contribute
to the safety and soundness of the institution. A record of all loans and investments
of every description made by a financial institution shall be kept in a book or books
appropriate, substantially in the order of the time when the loans or investments
are made. The record shall be made available to the superintendent and, if requested
for the purpose of reviewing the financial responsibility of management by a vote
of the directors, corporators, members of stockholders, the record shall be submitted
to those persons. Records of loan and investment approvals shall be maintained and
shall be available for the review of directors and of the superintendent.
1985, c. 83, §1 (RPR)
3.Agreements with directors, officers and corporators.
A financial institution shall maintain records of all agreements between the institution
and its directors, officers and corporators and all persons acting on behalf of such
persons, including, but not limited to, all loans and other contracts.
1975, c. 500, §1 (NEW)
1975, c. 500, §1 (NEW).
1985, c. 83, §1 (AMD).
1995, c. 628, §13 (AMD).
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