Sec. 38. (a) If, upon receipt of a biennial report delivered under section 37 of this chapter, the secretary of state determines or has reason to believe that the association filing the report is not disclosing the association's true financial condition or is violating this chapter, the secretary of state may require the association to disclose all material facts by:
(1) submitting a verified audit bearing the certificate under oath of a qualified public accountant approved by the secretary of state;
(2) replying to interrogatories; or
(3) reporting under oath on any matters requested by the secretary of state.
(b) An officer or a director of an association who knowingly distributes, publishes, or files with the secretary of state a written report, certificate, or statement of the condition or business of the association that is false in any material respect commits a Level 6 felony.
[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-18(e); subsection (b) formerly 15-7-1-18(f).]
As added by P.L.2-2008, SEC.3. Amended by P.L.158-2013, SEC.206.