1. (1) The land bank shall annually, within 120 days after the end of the fiscal year, submit an audit of income and expenditures, together with a report of its activities for the preceding year, to the department.

2. (2) A duplicate of the audit and the report shall be filed with the governing body of:

   1. (i) the land bank jurisdiction which created the land bank; and
   2. (ii) each political subdivision which opted to participate in the land bank pursuant to an intergovernmental agreement.

The following shall apply:

Cross References. Section 2119 is referred to in section 2104 of this title.