I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 28.74 Disposition versions

2019-06-13

28.74. If the Authority is of the opinion that an asset considered in the financial statements sent to it by an authorized deposit institution is overvalued, it may either require the deposit institution to cause an appraiser the choice of whom is approved by it to appraise that asset or appraise that asset itself. If the asset is a loan the repayment of which is guaranteed by property, the property is appraised.

If the results of the appraisal justify it, the Authority may require the deposit institution to modify its books and accounts as well as the financial statements referred to in the first paragraph to reflect the market value of the asset or, in the case of a loan, the value of the realization of the property guaranteeing the repayment. If a loan or another asset is that of a group of which the deposit institution is the holder of control, the Authority may, for those same purposes, require that the value of the deposit institution’s investment in the group be modified. The Authority shall notify the auditor described in section 28.61 of the modification requested.

2018, c. 23, s. 353.