§ 580. Examination by comptroller. 1. The comptroller, or his legally
authorized representative, is hereby authorized and empowered from time
to time to examine the books and accounts of the division relating to
the housing development fund, and from time to time, not less than once
every five years, to examine the books and accounts of each housing
development fund company which received or is to receive aid from such
fund pursuant to this article, including its receipts, disbursements,
contracts, leases, loans, and any other moneys relating to its financial
operation, and from time to time, to examine the books and accounts of
any local loan administrator which has received advances from such fund
pursuant to this article, but only insofar as those books and accounts
relate to such advances and to the local loan administrator's compliance
with the master servicing agreement entered into pursuant to section
five hundred seventy-six-d of this article.

2. The comptroller of a municipality or, in the case of a municipality
having no comptroller, the chief fiscal officer of such municipality, is
hereby authorized and empowered from time to time to examine the books
and accounts relating to the municipal housing development fund, and the
supervising agency is hereby authorized and empowered from time to time,
not less than once every five years, to examine the books and accounts
of each housing development fund company which received or is to receive
aid from such fund, including its receipts, disbursements, contracts,
leases, loans, and any other moneys relating to its financial operation.