North Carolina General Statutes 54B-58. Prolonged audit, examination or revaluation; payment of costs
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(a) If, in the opinion of the Commissioner of Banks, an examination conducted under the provisions of N.C. Gen. Stat. § 54B-57 fails to disclose the complete financial condition of an association, he may in order to ascertain its complete financial condition:
(1) Make an extended audit or examination of the association or cause such an audit or examination to be made by an independent auditor;
Terms Used In North Carolina General Statutes 54B-58
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
- Commissioner: means the Commissioner of Banks authorized pursuant to Article 2 of Chapter 53C of the N. See North Carolina General Statutes 54B-4
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) Make an extended revaluation of any of the assets or liabilities of the association or cause an independent appraiser to make such revaluation.
(b) The Commissioner of Banks shall collect from the association a reasonable sum for actual or necessary expenses of such an audit, examination or revaluation. (1981, c. 282, s. 3; 2001-193, s. 16.)