N.Y. Private Housing Finance Law § 311: Examination

§ 311. Examination. At least once in each calendar year the

corporation shall be examined by the superintendent of financial

services for the purpose of determining the corporation's net worth and

the soundness of its management and operating policies. The corporation

shall not, however, be deemed to be a banking or insurance organization.

The corporation shall pay the cost of each such examination. Copies of

each examination report, including the findings, conclusions and

recommendations of the examiners, shall be furnished to the corporation.

The corporation shall furnish copies of each report, including the

findings, conclusions and recommendations of the examiners, to each of

the holders of its capital stock and to its members. Such corporation

shall make an annual report of its condition to the governor,

legislature and superintendent of financial services on or before

January first of each year.