ROBERT L. EHRLICH, JR., Governor

Ch. 26

(II) THE RESULTS OF THE CORPORATION'S FINANCIAL
OPERATIONS.

(5) IF THE ACCOUNTANT IS UNABLE TO EXPRESS AN UNQUALIFIED
OPINION, THE ACCOUNTANT SHALL:

(I)      STATE AND EXPLAIN IN DETAIL THE REASON FOR ANY
QUALIFICATIONS, DISCLAIMERS, OR OPINIONS; AND

(II)     SUBMIT RECOMMENDATIONS ON CHANGES NEEDED TO ALLOW
AN UNQUALIFIED OPINION IN THE FUTURE.

(E)     SAME — BY STATE.

THE BOOKS, RECORDS, AND ACCOUNTS OF THE CORPORATION ARE SUBJECT TO
AUDIT BY THE STATE.

(F)     ANNUAL FINANCIAL REPORT.

(1)      WITHIN THE FIRST 90 DAYS OF EACH FISCAL YEAR, THE
CORPORATION SHALL SUBMIT A REPORT TO THE GOVERNOR AND, SUBJECT TO §
2-1246 OF THIS ARTICLE, TO THE GENERAL ASSEMBLY.

(2)      THE REPORT SHALL INCLUDE:

(I)      A COMPLETE OPERATING AND FINANCIAL STATEMENT
COVERING THE CORPORATION'S OPERATIONS DURING THE PRECEDING FISCAL
YEAR; AND

(II)     A SUMMARY OF THE CORPORATION'S ACTIVITIES DURING THE
PRECEDING FISCAL YEAR

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 41, § 20-109.

In subsection (a)(2)(i) of this section, the phrase "is insured by" is
substituted for the former phrase "the deposits of which are insured by" for
brevity.

In subsection (c)(1) of this section, the word "adopt" is substituted for the
former phrase "make provision for" for brevity and clarity.

In subsection (d) of this section, the word "accountant" is substituted for
the former reference to "accountants" in light of Art. 1, § 8, which provides
that the singular generally includes the plural.

In subsection (d)(4)(i) of this section, the former phrase "the presentation
of" is deleted as surplusage.

Also in subsection (d)(4)(i) of this section, the word "Corporation's" is
substituted for the former word "various" for clarity.

In subsection (f) of this section, the word "submit" is substituted for the
former reference to "make" for clarity.

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