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General Laws

Section 25. At least once during each twelve months following their elections and more often if required by the commissioner, the auditing committee, referred to in section sixteen, shall have an audit made of the balance sheet of the corporation and such other financial statements as it may prescribe.

The audit shall be made by an independent certified public accountant as set forth in the last paragraph of section thirty-three of chapter thirteen in accordance with generally accepted auditing standards and in such other form and manner at such time within said twelve months as the auditing committee may prescribe. Within thirty days after its election, the auditing committee shall appoint an accountant and written notice thereof shall be given to the commissioner.

The accountant shall report in writing to the auditing committee the results of the audit. At the next meeting of the trustees thereafter, the auditing committee shall render a report, which shall be read and signed by the committee, stating the nature, extent and results of the audit and whether it accepts the accountant’s report.

The auditing committee shall file with the commissioner a copy of the accountant’s report within thirty days after its receipt and maintain another copy with the records of the corporation. If the auditing committee fails to have an audit as herein provided, the commissioner shall have an audit made by an independent certified public accountant as set forth in the last paragraph of section thirty-three of chapter thirteen in such form and manner as the commissioner may prescribe, and the expense shall be paid by the corporation.

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