Section 13-03-25-07 - Sanctions for failure to comply with this chapterFailure of a supervisory committee or its independent compensated auditor or other person, or any of them, to comply with the requirements of this section, or the terms of the engagement letter required by this section, is ground for:
1. The commissioner to reject the supervisory committee audit and provide a reasonable opportunity to correct deficiencies; 2. The commissioner to impose the remedies available in section 13-03-25-08, provided any of the conditions specified therein is present; and 3. The national credit union administration board to seek formal administrative sanctions against the supervisory committee or its independent, compensated auditor, or both, pursuant to section 206(r) of the Federal Credit Union Act [ 12 U.S.C. 1786(r) ]. N.D. Admin Code 13-03-25-07
Effective January 1, 2007.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06