Section 311. Examination

At  least  once  in  each  calendar  year  the
  corporation shall be examined by either the superintendent of  banks  or
  the  superintendent  of  insurance  for  the  purpose of determining the
  corporation's  net  worth  and  the  soundness  of  its  management  and
  operating  policies. The examination is to be made by the superintendant
  of banks in alternate years commencing with the examination for the year
  ending October thirty-first, nineteen hundred seventy-one,  and  by  the
  superintendent  of  insurance  in  alternate  years  commencing with the
  examination for the year ending October thirty-first,  nineteen  hundred
  seventy-two.    The  corporation  shall  not, however, be deemed to be a
  banking or insurance organization.  The corporation shall pay  the  cost
  of  each  such examination. Copies of each examination report, including
  the findings, conclusions and recommendations of the examiners, shall be
  furnished to the corporation.  The corporation shall furnish  copies  of
  each  report, including the findings, conclusions and recommendations of
  the examiners, to each of the holders of its capital stock  and  to  its
  members.  Such  corporation shall make an annual report of its condition
  to  the  governor,  legislature,   superintendent   of   insurance   and
  superintendent of banks on or before January first of each year.