La. Admin. Code tit. 10 § XV-107

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-107 - Reports

A. The board of directors for each BIDCO licensed by the commissioner shall annually make a report of examination of the financial condition of the BIDCO and its subsidiaries. They may make said examination by employing an independent certified public accountant, their respective accounting firms, or by the use of an in-house auditor and clerical staff. All such audits of a BIDCO must meet the minimum standards promulgated by the Commissioner of Financial Institutions. To meet the minimum auditing standards, the board of directors shall employ the methods of auditing described in the regulation promulgated by the Office of Financial Institutions in Volume 16, Number 1 of the Louisiana Register dated January 20, 1990, which is incorporated herein by reference. This report of examination shall be submitted to the commissioner no later than April 30 of the calendar year following the period for which the report was prepared.

B. Election of Directors. Not more than 30 days after the election of any person as the director of a licensee, such licensee and such director shall file with the commissioner a report containing the following information:

1. name, address and occupation of the new director;

2. title of any office which the director previously held with the licensee and title of any office (other than the office of director) which the director currently holds with the licensee;

3. date of election of the director;

4. manner of election of the director (that is, whether by the board or by the shareholders);

5. in case a director is not an incumbent director or executive officer of the licensee, the licensee shall provide:

a. a personal financial statement and confidential resume on a form prescribed by the commissioner, containing the information called for therein, as of a date within 90 days before the filing of the report and signed by the newly elected director;

b. not more than 10 days after the appointment of any person as the chief executive officer of a licensee and not more than 30 days after the appointment of any person as any other executive officer of a licensee, such licensee and such executive officer shall file with the commissioner a report containing the following information:

i. name and address of the executive officer;

ii. title of the office to which the executive officer was appointed;

iii. a summary of the duties of the office to which the executive officer was appointed;

iv. date of appointment of the executive officer;

v. title of any office which the executive officer previously held with the licensee and title of any office (other than the office to which the executive officer was appointed) which the executive officer currently holds with the licensee;

vi. in case the executive officer was not, immediately before the appointment, an executive officer of the licensee, licensee shall provide a personal financial statement and confidential resume on the form prescribed by the commissioner, containing the information called for therein, dated as of a date within 90 days before the filing of the report, and signed by the newly appointed executive officer.

La. Admin. Code tit. 10, § XV-107

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 18:25 (January 1992).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2386 et seq.