Sec. 275.102.  AUDITS AND REPORTS.  (a)  At least once each year, a mutual trust investment company shall cause an adequate audit to be made of the company by auditors responsible only to the board of directors of the company.
(b)  A mutual trust investment company shall furnish annually a copy of the company's audited financial statement to each corporate fiduciary owning stock in the company.
(c)  The mutual trust investment company shall pay the:
(1)  reasonable expenses of an audit required by this section made by an independent public accountant or certified public accountant;  and
(2)  costs of preparing and distributing a report required by this section.
Added by Acts 1999, 76th Leg., ch. 62, Sec. 7.26(a), eff. Sept. 1, 1999.