42. The Board shall, at least once a year, on such conditions as it determines, examine or cause to be examined the affairs of every registered institution.
However, the Inspector General of Financial Institutions shall, on behalf of the Board and at the times it determines, examine the affairs of every institution established pursuant to an Act of Québec. The Inspector General may, in place of an examination of the affairs of an institution governed by the Act respecting financial services cooperatives (chapter C-67.3), transmit to the Régie a report on inspections or examinations and investigations carried out in accordance with the said Act.
The expenses incurred for the examination of the affairs of institutions are determined by the Board and are charged to the institutions according as may be determined by regulation of the Board.
Where the Inspector General of Financial Institutions examines the affairs of an institution both on behalf of the Board and wholly or partly on his own account under another Act that applies to the institution, the Board shall take that fact into account in determining the cost incurred in the examination of that institution’s affairs.
1966-67, c. 73, s. 40; 1983, c. 10, s. 28; 1988, c. 64, s. 552; 2000, c. 29, s. 722.