768

The Commissioner of Financial Institutions shall make at least one examination each year of the operations and activities of the Bank. The expenses incurred by the Commissioner in this examination shall be reimbursed by the Bank. Said examination shall cover the conditions and resources of the Bank, the manner of conducting and handling its affairs, the actions of its directors, the investment of funds, the safety and soundness of its management, the guaranty given to insure performance of the obligations contracted, the compliance with the provisions of law affecting the operations of the Bank, as well as any other matter which the Commissioner of Financial Institutions may deem pertinent to investigate. The Commissioner of Financial Institutions shall have the power to direct the Bank to charge against its undistributed profits, its reserve fund or its capital account, any loan or part of a loan, assets or part of assets, which, in his judgment, constitutes a possible loss to the Bank, and may further direct the setting aside of such portion of its future profits as he may deem desirable, until said capital accounts and reserve funds are fully restored.

a possible loss to the Bank, and may further direct the setting aside of such portion of its future profits as he may deem desirable, until said capital accounts and reserve funds are fully restored. History —June 21, 1966, No. 88, p. 257, § 18; Sept. 25, 1992, No. 79, § 10.