(215 ILCS 5/445.4) (from Ch. 73, par. 1057.4)
Sec. 445.4. Examination. The Director shall, at such times as he deems
necessary, make or cause to be made an examination of the Association.
The reasonable cost of any such examination shall be paid by the Association
upon presentation to it by the Director of a detailed account of such cost.
During the course of such examination, the directors, officers, members, agents and
employees of the Association may be examined under oath regarding the operation
of the Association and shall make available all books, records, accounts,
documents and agreements pertaining thereto. The Director shall furnish
a copy of the examination report to the Association. Within 20 days after
receipt of the report, the Association may request a hearing on the report
or any facts or recommendations therein. If the Director finds the Association
or any of its members to be in violation of this Act, he may issue an order
requiring discontinuance of such violation. The Association shall annually provide for an independent financial audit of the books and records of the Association by a certified public accountant and shall provide a copy of the audit report to the Director.
(Source: P.A. 98-978, eff. 1-1-15.)
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