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HC-6.3.2

These provisions must include but should not be limited to the following:

(a) The CEOG must have authority to act generally in the conventional bank licensee'sG name, representing the conventional bank licensee'sG interests in concluding transactions on the conventional bank licensee'sG behalf and giving instructions to other senior managers and conventional bank licenseeG employees;
(b) The chief financial officer must be responsible and accountable for:
(i) The complete, timely, reliable and accurate preparation of the conventional bank licensee'sG financial statements, in accordance with the accounting standards and policies of the conventional bank licensee (see also HC-3.4.1); and
(ii) Presenting the board with a balanced and understandable assessment of the conventional bank licensee'sG financial situation;
(c) The corporate secretary's duties must include arranging, recording and following up on the actions, decisions and meetings of the Board and of the shareholders (both at annual and extraordinary meetings) in books to be kept for that purpose; and
(d) The internal auditor's duties must include providing an independent and objective review of the efficiency of the conventional bank licensee'sG operations. This would include a review of the accuracy and reliability of the conventional bank licensee'sG accounting records and financial reports as well as a review of the adequacy and effectiveness of the conventional bank licensee'sG risk management, control, and governance processes.
October 2010
 Versions
(1 Version)
 
Oct 1 2010 onwards
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