311

At least once in each calendar year the corporation shall be examined by the superintendent of financial services for the purpose of determining the corporation's net worth and the soundness of its management and operating policies. The corporation shall not, however, be deemed to be a banking or insurance organization. The corporation shall pay the cost of each such examination. Copies of each examination report, including the findings, conclusions and recommendations of the examiners, shall be furnished to the corporation. The corporation shall furnish copies of each report, including the findings, conclusions and recommendations of the examiners, to each of the holders of its capital stock and to its members. Such corporation shall make an annual report of its condition to the governor, legislature and superintendent of financial services on or before January first of each year.