§ 75. Audit and annual report. Immediately after the close of each
fiscal year, every cooperative corporation shall cause an audit to be
made of its operations for such fiscal year. A written report of the
audit, including a statement of services rendered by the corporation,
with total amount of business transacted, balance sheet, income and
expenses shall be submitted to the annual meeting of the corporation and
shall at all times be available for inspection by any member. Such
audit shall be made by an experienced bookkeeper or accountant or firm
of accountants not regularly employed by the corporation, provided that
in the case of a cooperative corporation, the annual business of which
amounts to less than one hundred thousand dollars, the audit may be made
by an auditing committee of three members or stockholders of the
corporation who shall not be directors, officers, or employees thereof.
Any person violating or failing to comply with the provisions of this
section shall be deemed guilty of a misdemeanor.