Sec.8-214d-12. Financial reporting and access to records

(a) Each nonprofit corporation shall maintain complete and accurate books and records, insofar as they pertain to land bank and land trust projects, and they shall be set up and maintained in accordance with the latest procedures approved by the Commissioner.

(b) Each nonprofit corporation shall furnish the Commissioner with financial statements and other reports relating to the operation of the project in such detail and at such times as he may require.

(c) At any time during regular business hours, and as often as the Commissioner may require, the Commissioner or his representative shall be entitled to full and free access to the accounts, records and books of the nonprofit corporation relative to the project, said permission to include the right to make or require the nonprofit corporation to provide excerpts or transcripts from such accounts, records and books.

(Effective August 18, 1988)