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§ 40.1301. Reports to Officers and Directors.


Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40. Industrial Loans
Article 13. Reports
10 CCR § 40.1301
§ 40.1301. Reports to Officers and Directors.
Each industrial loan company shall maintain a system of internal controls which shall include the preparation and delivery to each principal officer and member of the board of directors of the company at least monthly a written report of the affairs of the company containing sufficient detail so that the responsible officer and director will be fully informed concerning the current position of the company and be able to discharge his responsibility on an informed basis. Copies of such reports shall be kept on file available for examination for at least two years.
Note: Authority cited: Section 18347, Financial Code. Reference: Section 18029, Financial Code.
1. Change without regulatory effect renumbering former section 1251 to new section 40.1301 and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
This database is current through 7/29/22 Register 2022, No. 30
10 CCR § 40.1301, 10 CA ADC § 40.1301
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