1. (1) A committee of the board of directors, excluding any active officers of the trust department, of every trust company shall, at least once during a 15-month period:

   1. (a)

      1. (i) conduct an audit of the trust business operations of the trust company; or
      2. (ii) cause that auditors responsible only to the board of directors conduct a suitable audit; and
   2. (b) using the findings from the audit, ascertain whether the trust company conducts the trust business operations of the trust business in accordance with law and sound fiduciary principles.
2. (2) Upon request, the committee of the board of directors shall make available a report of the audit described in Subsection (1), including any action the committee of the board of directors takes as a result of the audit, to the commissioner, the commissioner's examiners, or the examiners of other trust company regulating agencies.
3. (3) The requirements of Subsection (1) do not apply if the state or other agency that regulates trust companies conducts an examination of the trust company during the same 15-month period.

Renumbered and Amended by Chapter 112, 2026 General Session