434

It shall be the duty of the board of directors of each trust company during the months of March and April and during the months of September or October in every year to examine, or to cause a committee of at least three of its members to examine fully the books, papers and affairs of the trust company, and the loans and discounts thereof, and particularly the loans or discounts made directly or indirectly to its officers or directors, or for the benefit of such officers or directors or for the benefit of other corporations of which such officers or directors are also officers or directors, or in which they have a beneficial interest as stockholders, creditors, or otherwise with the special view of ascertaining their safety and present value, and the value of the collateral security, if any, held in connection therewith, and into such other matters as the Secretary of the Treasury of Puerto Rico may require. Such directors shall have the power to employ such assistance in making such examination as they may deem necessary. History —Apr. 23, 1928, No. 40, p. 234, § 31, eff. 90 days after Apr. 23, 1928.