Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-177 - Annual report; annual audit; additional reports and examinations; access to books and papers

(1)
On or before the forty-fifth day after the end of an association's annual accounting period, every association shall make an annual written report to the commissioner, upon a form to be prescribed and/or furnished by the commissioner, of its affairs and operations, which shall include a complete statement of its financial condition, including a statement of income and expense since its last previous similar report, for the twelve (12) months ending on the last day of its accounting period of the previous year. This report shall include a statement of full compliance with this chapter, and such other information as the commissioner shall direct. Every such report shall be verified by the president, managing officer or any other officer designated by the commissioner.
(2)
Every association also shall make such other reports as the commissioner may from time to time require, which shall be in such form and filed on such date as he may prescribe and shall be verified in the same manner as the annual report.
(3)
The commissioner shall require that every association have its affairs examined and be audited at least once a year. The commissioner shall review such examination and audit within a reasonable time after their completion.
(4)
The commissioner shall accept any examination made or any audit caused to be made by a federal home loan bank, the appropriate federal regulatory authority, or by the Federal Deposit Insurance Corporation.
(5)
The commissioner may, without previous notice, examine or cause an examination to be made into the affairs of an association.
(6)
Whenever, in the judgment of the commissioner, the condition of any association renders it necessary or expedient to make any extra examination or audit or to devote any extraordinary attention to its affairs, the commissioner shall cause the same to be done. A full and complete copy of the report of all examinations and audits shall be furnished to the association examined. Such report of examination or audit shall be presented by the president to the board of directors at its next regular or special meeting.
(7)
The commissioner is authorized in connection with any examination or audit of any association to cause to be made appraisals of real estate held by the association or securing the association's assets when specific facts or information with respect to real estate held, secured loans or lending, or when in his opinion the association's policies, practices, operating results and trends give evidence that an association's appraisals may be excessive, that lending or investment may be of a marginal nature, that appraisal policies and practices may not conform with generally accepted and established professional standards, or that real estate held by the association or assets secured by real estate are overvalued. In lieu of causing such appraisals to be made, the commissioner may accept any appraisal caused to be made by a federal home loan bank, the appropriate federal regulatory authority, or by the Federal Deposit Insurance Corporation. Unless otherwise ordered by the commissioner, appraisal of real estate in connection with any examination or audit pursuant to this section shall be made by a professional appraiser or appraisers selected by the commissioner, and the cost of such appraisal promptly shall be paid by such association directly to such appraiser or appraisers, upon receipt by the association of a statement of such cost bearing the written approval of the commissioner. A copy of the report of such appraisal caused to be made by the commissioner, pursuant to this subsection, shall be furnished to the association within a reasonable time, not to exceed sixty (60) days following the completion of such appraisals, and may be furnished to the insuring agency.
(8)
The commissioner or his examiners or auditors shall have free access to all books and papers of an association, a holding company of an association, or a service organization, the principal office of which is located in this state and which is principally owned by one or more thrift institutions, which relate to its business and books and papers kept by any officer, agent or employee, relating to or upon which any record of its business is kept, and may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents or employees of any such association, service organization or any other person in relation to its affairs, transactions and conditions, and may require and compel the production of records, books, papers, contracts or other documents by court order, if not voluntarily produced.
Laws, 1977, ch. 445, § 54; Laws, 1982, chs. 301, § 89; 331, § 6; reenacted, Laws, 1990 Ex Sess, ch. 52, § 91; Laws, 1993, ch. 441, § 91; reenacted and amended, Laws, 1994, ch. 622, § 123; Laws, 1996, ch. 400, § 26; reenacted without change, Laws, 1997, ch. 496, § 88; reenacted without change, Laws, 2001, ch. 488, § 90, eff. 7/1/2001.