RSA 383-D:10-1005 Exemption from Annual Audits.
Title: XXXV - BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
Chapter: 383-D - FAMILY TRUST COMPANY ACT
(a) A family trust company may apply for an exemption from RSA 383-A:5-509 by filing with the commissioner an application for exemption.
(b) In accordance with RSA 383-A:6-604, the commissioner shall make a determination as to whether to grant to the family trust company an exemption from RSA 383-A:5-509.
(c) In determining whether to grant an exemption from RSA 383-A:5-509, the commissioner shall consider whether:
(1) The family trust company can maintain its safety and soundness without a financial audit;
(2) The cost of a financial audit would be an undue financial burden on the family trust company; and
(3) The family trust company has established and will maintain procedures that will ensure that its financial statements are accurate and complete.