Each regional corporation receiving a grant under section 32-267 shall annually have a full audit conducted of the books and accounts of the regional corporation for the preceding fiscal year to ensure conformity of all aspects of financial assistance transactions with the substantive and procedural provisions of sections 32-271 to 32-284, inclusive, and shall submit the audit report to the corporation. Each such audit shall be conducted by an independent certified public accountant. If the corporation finds instances of substantive noncompliance by a regional corporation with any of the provisions of said sections and such instances were, or should have been, known to be in noncompliance, the regional corporation shall be obligated to return, within a reasonable time, upon demand by the corporation, any funds that were used in such instances. The corporation may withhold further payments to the regional corporation until such time as the regional corporation is in full compliance with all of the provisions of sections 32-266 to 32-284, inclusive.
(P.A. 92-236, S. 23, 48; June 12 Sp. Sess. P.A. 12-1, S. 152.)
History: Pursuant to June 12 Sp. Sess. P.A. 12-1, “authority” was changed editorially by the Revisors to “corporation”, effective July 1, 2012.