SECTION 35:10-7-12. Financial statement

(a)   The applicant for an original public warehouse charter and all holders of Oklahoma public warehouse charters shall submit the following documents prepared by an independent Certified Public Accountant: a current financial statement annually within ninety (90) days followingyear end close of business and a report of audit or review. The financial statement shall be submitted on a form supplied by the Board and include a balance sheet showing the current and deferred assets and liabilities of the applicant or the charter holder, a statement of income, a statement of retained earnings, a statement of changes in financial position, and notes sufficient to explain the details contained in the financial statement. If the warehouseman is using depreciated property at fair market value, the warehouseman shall submit a certified appraisal and proof of insurance.

(b)   The financial statement accompanying an applicant's original application shall show a statement closing date that is within six (6) months of the date of application.

(c)   If a warehouseman's financial statement indicates a current assets to current liability ratio of less than one point one (1.1) to one (1), the Board shall require two (2) examinations to be conducted annually.

[Source: Amended at 14 Ok Reg 3699, eff 8-7-97 (emergency); Amended at 15 Ok Reg 2490, eff 6-25-98; Amended at 18 Ok Reg 1439, eff 5-25-01]