(A) Prior to each annual meeting of its shareholders, each bank shall make basic financial information available to its shareholders in accordance with this section unless the bank is either of the following:
(1) Subject to the registration requirements of section 12 of the "Securities Exchange Act of 1934," 48 Stat. 892, 15 U.S.C.A. 781 , as amended.
(2) Wholly owned, except for directors' qualifying shares, by a bank holding company.
(B) The basic financial information required to be made available under this section shall include, at a minimum, information substantially similar to both of the following:
(1) Those portions of the consolidated reports of income made to the superintendent of financial institutions for each of the two preceding full years covering all of the following:
(a) Sources and disposition of income;
(b) Changes in equity capital;
(c) Allowance for possible loan losses.
(2) The balance sheet portion of the consolidated reports of condition made to the superintendent at the end of each of the two preceding years.
(C) The bank may present the basic financial information in any format it determines suitable, including copies of the relevant portions of the consolidated reports of condition and income or an annual report.
(D) The bank shall make the basic financial information available by doing either of the following:
(1) Sending the information to each shareholder prior to, or concurrently with, the notice of the annual meeting of shareholders;
(2) Including in, or sending with, the notice of the annual meeting of shareholders a statement indicating that basic financial information concerning the bank for the two years preceding the meeting may be obtained from the bank without charge, accompanied by the address, telephone number, and name or title of the bank employee or officer whom shareholders should contact for the information and promptly mailing, delivering, or otherwise sending the information to any shareholder who requests it.
Effective Date: 01-01-1997