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2017 New Hampshire Revised Statutes
Title XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter 383-D - FAMILY TRUST COMPANY ACT
Section 383-D:10-1005 - Exemption from Annual Audits.
Universal Citation: NH Rev Stat § 383-D:10-1005 (2017)
383-D:10-1005 Exemption from Annual Audits. –
(a) A family trust company may apply for an exemption from RSA 383-A:5-509 by filing with the commissioner an application for exemption.
(b) In accordance with RSA 383-A:6-604, the commissioner shall make a determination as to whether to grant to the family trust company an exemption from RSA 383-A:5-509.
(c) In determining whether to grant an exemption from RSA 383-A:5-509, the commissioner shall consider whether:
(1) The family trust company can maintain its safety and soundness without a financial audit;
(2) The cost of a financial audit would be an undue financial burden on the family trust company; and
(3) The family trust company has established and will maintain procedures that will ensure that its financial statements are accurate and complete.
(d) The commissioner may revoke an exemption granted under this section if he or she determines that a financial audit is necessary to ensure that:
(1) The family trust company maintains its safety and soundness; or
(2) The family trust company's financial statements are accurate and complete.
(b) In accordance with RSA 383-A:6-604, the commissioner shall make a determination as to whether to grant to the family trust company an exemption from RSA 383-A:5-509.
(c) In determining whether to grant an exemption from RSA 383-A:5-509, the commissioner shall consider whether:
(1) The family trust company can maintain its safety and soundness without a financial audit;
(2) The cost of a financial audit would be an undue financial burden on the family trust company; and
(3) The family trust company has established and will maintain procedures that will ensure that its financial statements are accurate and complete.
(d) The commissioner may revoke an exemption granted under this section if he or she determines that a financial audit is necessary to ensure that:
(1) The family trust company maintains its safety and soundness; or
(2) The family trust company's financial statements are accurate and complete.
Source. 2017, 257:45, eff. Sept. 16, 2017.
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