Not later than thirty days after the first meeting of the association, the board of directors shall prepare a report, setting forth the name of the association, the principal office of the association, the names of the respective business and residence addresses of the board of directors and officers of the association, the amount of capital stock, the par value of the shares, and the number of shares issued, together with a statement that such shares are fully paid or, if not fully paid, a statement of the amount payable in respect thereof, which report shall be filed and recorded in the office of the Secretary of the State. On or before the tenth day of March annually thereafter, the board of directors shall prepare a report of the facts as they existed on the first day of March and such report shall be filed and recorded in the office of the Secretary of the State. Any statement provided for in this section shall be signed and sworn to by a majority of the board of directors.
(1949 Rev., S. 5298; 1967, P.A. 277, S. 4; P.A. 00-92, S. 9; P.A. 19-65, S. 5.)
History: 1967 act clarified provisions by adding detail re report procedure, for example, new provisions required preparation of report within 30 days after first meeting rather than “when the association has organized”; P.A. 00-92 substituted “not later than” for “within” in reference to the time within which the managers shall prepare a report and deleted requirement that reports be filed with the office of the town clerk of the town where the association's principal office is located; P.A. 19-65 replaced “board of managers” with “board of directors” and made technical changes.