General Laws

Section 28. At least semi-annually, the auditing committee, referred to in section sixteen, shall report to the trustees that they have reviewed the financial report of the treasurer and, to the best of their knowledge and belief, that it presents fairly the bank’s financial position, results of operations and changes in surplus for the period under review. Such report should include the surplus at the beginning of the period, the results of operations, income, expenses, interest on deposits, gains, losses and taxes for such period and surplus remaining at the end of the period. A copy of the financial report shall be signed by the committee and filed with the records of the corporation.