A. The account and books of the Trust Authority, including its receipts, disbursements, contracts, mortgages, investments and other matters relating to its finances, operations and affairs shall be examined and audited not less than once each twelve (12) months by a certified public accountant or licensed public accountant.
B. The trustees of the Trust Authority may employ a certified public accountant or licensed public accountant for the audit and examination and pay a reasonable fee therefor from trust funds.
C. The records, books and accounts may be examined from time to time at the discretion of and by the State Auditor and Inspector as provided by law. When an audit is made as provided in this subsection, by the State Auditor and Inspector, all expenses of the audit must be reimbursed by the Trust Authority to the State Auditor and Inspector.
Added by Laws 1970, c. 335, § 7, emerg. eff. April 23, 1970. Amended by Laws 1973, c. 68, § 1, emerg. eff. April 27, 1973; Laws 1979, c. 30, § 58, emerg. eff. April 6, 1979; Laws 2001, c. 146, § 241, emerg. eff. April 30, 2001. Renumbered from § 157.7 of this title by Laws 2001, c. 146, § 271, emerg. eff. April 30, 2001.