SECTION 50. Compliance review supervisor

A bank, by vote of its board of directors or trustees, may appoint a compliance review supervisor to conduct self testing programs on a continuing basis. Upon any such appointment, such board of directors or trustees forthwith shall file with the commissioner the name of the person so appointed.

For the purpose of conducting such self testing programs, such supervisor may utilize the services of departments and other employees and officers of the bank and, with the approval of such board of directors or trustees, third-party contractors. The results of any such self testing program, together with all documents and materials relevant thereto, shall be certified by such supervisor as a compliance review document and shall be the property of the bank. The supervisor shall transmit said document to the board of directors or trustees for its review and appropriate corrective action, whenever the same is deemed to be required. Any such compliance review document, together with a statement signed by the directors or trustees detailing appropriate corrective action, if any, taken in consequence thereof, shall be provided to the commissioner during the course of any examination of the bank conducted by him pursuant to section 2.