The director of the financial institutions division is authorized to accept in his discretion in lieu of any examination authorized by the laws of this state to be conducted by the division of a banking institution the examination that may have been made of same within a reasonable period by the federal deposit insurance corporation provided a copy of said examination is furnished to him. The director of the financial institutions division, may, also, in his discretion accept any report relative to the condition of a banking institution which may have been obtained by said corporation within a reasonable period, in lieu of a report authorized by the laws of this state to be required of such institution by the division, provided a copy of such report is furnished to the director of the financial institutions division.
The director of the financial institutions division may furnish to said corporation, or to any official or examiner thereof, a copy or copies of any or all examinations made of any such banking institutions and of any or all reports made by same, and shall give access to and disclose to said corporation or any official or examiner thereof any and all information possessed by him with reference to the conditions or affairs of any such insured institution.
Nothing in this section shall be construed to limit the duty of any banking institution in this state, deposits in which are to any extent insured under the provisions of Section 8 of the "Banking Act of 1933" (Section 12B of the Federal Reserve Act, as amended) or of any amendment of or substitution for the same, to comply with the provision of said act, its amendments or substitutions or the requirements of said corporation relative to examinations and reports, nor to limit the powers of the director of the financial institutions division with reference to examinations and reports under existing law.
History: Laws 1935, ch. 16, § 5; 1941 Comp., § 50-1105; 1953 Comp., § 48-11-5; Laws 1977, ch. 245, § 25.
ANNOTATIONSCompiler's notes. — Section 12B of the Federal Reserve Act, as amended, referred to in this section, relating to the federal deposit insurance corporations, was withdrawn from the Federal Reserve Act and made a separate act, known as the Federal Deposit Insurance Act by 64 Stat. 873, and now is compiled in the United States Code as 12 U.S.C. §§ 1811 to 1832.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 18.
9 C.J.S. Banks and Banking § 650.