1. (a) The audit report of a California state bank called for in Section 502 of the Financial Code or in Subdivision (a) of Section 10.19401 of this Chapter shall contain the following audited financial statements of the bank for or as of the end of the relevant fiscal year:

   1. (1) Balance sheet.
   2. (2) Statement of income or loss.
   3. (3) Statement of changes in shareholders' equity.
   4. (4) Statement of cash flows.
2. (b) The audited financial statements of a California state bank contained in the audit report called for in Section 502 of the Financial Code or in Subdivision (a) of Section 10.19401 of this Chapter shall, if permissible under generally accepted accounting principles, be prepared on a consolidated basis.

Note: Authority cited: Section 326, Financial Code. Reference: Section 502, Financial Code.

History

1. New section filed 3-18-98 as an emergency; operative 3-18-98 (Register 98, No. 12). A Certificate of Compliance must be transmitted to OAL by 7-16-98 or emergency language will be repealed by operation of law on the following day.

2. Certificate of Compliance as to 3-18-98 order transmitted to OAL 7-16-98 and filed 8-20-98 (Register 98, No. 34).

3. Change without regulatory effect amending subsections (a) and (b) and amending Note filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34).