(a) At least once each year, a mutual trust investment company shall cause an adequate audit to be made of the company by auditors responsible only to the board of directors of the company.
(b) A mutual trust investment company shall furnish annually a copy of the company's audited financial statement to each corporate fiduciary owning stock in the company.
(c) The mutual trust investment company shall pay the:
(1) reasonable expenses of an audit required by this section made by an independent public accountant or certified public accountant; and
(2) costs of preparing and distributing a report required by this section.
Official text of the Texas Finance Code as published by the Texas Legislative Council.