The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 203 : Organization and Management of Mutual and Cooperative Financial Institutions

Subchapter 003 : Corporators and Members

• § 13303. Powers and duties of corporators and members

  (a) Corporators or members shall hold regular annual meetings, at a time fixed in the internal governance documents of the institution, for the purpose of electing directors of the institution and for the transaction of any other business that may properly be brought before such meeting.

  (b) Special meetings of the corporators or members may be called at any time by an executive officer of the institution or in any other manner provided for in the internal governance documents.

  (c) Notice of the annual meeting or any special meeting shall be given by public advertisement in a newspaper or newspapers of general circulation in the county or counties where each office of the institution is located or in such other newspapers as the Commissioner may designate, provided that corporators shall also be sent notice by mail at their last known address. The notice shall be published on at least two different days and in such manner as to be reasonably conspicuous. The last publication of notice shall be at least seven days prior to such annual or special meeting. Notice of any special meeting shall state the purpose for which such meeting is called.

  (d) The internal governance documents shall prescribe the number of corporators or members that constitute a quorum at any annual or special meeting. The internal governance documents may also provide for voting by proxy.

  (e) Meetings of the corporators or members shall be held at the institution’s principal office, or at such other place in the area of this State served by the institution as the notice shall designate. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)