Page:United States Statutes at Large Volume 54 Part 1.djvu/522

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PUBLIC LAWS-CH. 397-JUNE 19, 1940 months or years; nor from adopting a system, whereby the savings returns distributed shall be partly in cash, partly in shares, such shares to be retired at a fixed future date, in the order of their serial number or date of issue. ArTICLE X-BONDING; BOOKKEEPING; REPORTS Bonding. SEC. 32. BoNDING.- Every individual acting as officer or employee of an association and handling funds or securities amounting to $1,000 or more, in any one year, shall be covered by an adequate bond as determined by the board of directors, and at the expense of the association; and the bylaws may also provide for the bonding of other employees or officers. Books; auditing. SEC. 33. BOOKS; AUDITING.- To record its business operation, every association shall keep a set of books, which shall be audited at the end of each fiscal year by an experienced bookkeeper or accountant, who shall not be an officer or director. Where the annual business amounts to less than $10,000, the audit may be performed by an auditing committee of three, who shall not be directors, officers, or employees. A written report of the audit, including a statement of the amount of business the amount of business transacted with members, and the amount transacted with nonmembers, the balance sheet, and the income and expenses, shall be submitted to the annual meeting of the association. Annualreport. Src. 34. ANNUAL REPORT. -Every association shall annually, within sixty days of the close of its operations for that year, make a report of its condition, sworn to by the president and secretary, which report shall be filed with the recorder of deeds. The report shall state- a) The name and principal address of the association. b) The names, addresses, occupations, and date of expiration of the terms, of the officers and directors, and their compensation, if any. (c) The amount and nature of its authorized, subscribed, and paid-in capital, the number of its shareholders, and the number admitted and withdrawn during the year, the par value of its shares and the rate at which any return upon capital has been paid. For nonshare associations the annual report shall state the total number of members, the number admitted or withdrawn during the year, and the amount of membership fees received. (d) The receipts, expenditures, assets, and liabilities of the association. Fling of copy. A copy of this report shall be kept on file at the principal office of the association. Pishmentfor fase Any person who shall subscribe or make oath to such report con- taining a materially false statement, known to such person to be false, shall upon conviction of such offense be punished by a fine of not less than $25 nor more than $200, or by imprisonment of not less than thirty days nor more than one year, or both such fine and imprisonment. Noticeofdelinquent imprisonent. reports; mandamus. SEO. 35. NOTICE OF DELINQUENT REPORTS; MANDAMST.-ITf an asso- ciation fails to make such report within the required period of sixty days, the recorder of deeds shall within sixty days from the expiration of said period send such association a registered letter directed to its principal office, stating the delinquency and its con- sequences. If the association fails to file the report within sixty days from the mailing of such notice, any member of the association or the United States attorney for the District of Columbia may by petition for mandamus against the association and its proper officers compel such filing to be made, and in such case the court shall require the association or the officers at fault to pay all the expenses of the proceeding including counsel fees. 488 [54 STAT.