(a) The commissioner of financial institutions shall promptly forward to the corporation copies of all examination reports of all member credit unions. The cost of furnishing these copies shall be paid by the corporation.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(b) The corporation, in addition, may require independent audits and investigations of any member credit union in order to learn of the financial condition of the credit union as it relates to share insurance. The audits shall be at the corporation’s expense; provided, that the member credit union shall pay the expense of an annual audit as required by the corporation; provided, that the foregoing proviso shall not conflict with the rules of the commissioner.(c) If the corporation ascertains evidence of carelessness, unsound practices or mismanagement of any member credit union that appears to adversely affect the solvency or liquidity of the credit union or threaten undue loss to the corporation, the corporation may order that corrective actions be taken, or after due notice and hearing, as provided in the bylaws, revoke the credit union’s membership in the corporation. The corporation may also recommend to the commissioner or the supervisory agency of the state of each credit union that becomes a member under § 45-4-1107(c) or (d), that the credit union be liquidated.(d) If any member credit union fails to pay any assessment lawfully required under this part, the corporation shall notify the commissioner or the supervisory agency of the state of each credit union that becomes a member under § 45-4-1107(c) or (d), and the commissioner or the supervisory agency shall forthwith notify the credit union in writing. The failure of the credit union to make the payment within fifteen (15) days after the written notice may subject the credit union to the sanctions set forth in subsection (c).
