The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 221 : Organization and Management of Credit Union
Subchapter 003 : Governing Body, Officers, and Committees
(Cite as: 8 V.S.A. § 31310)-
§ 31310. Prohibited management interlocks
(a) Except with the Commissioner’s prior written approval, a director, officer, or employee of any other credit union or financial institution shall not at the same time be a director, officer, or employee of a credit union with a place of business or doing business in the State of Vermont.
(b) The terms of this section shall not apply to:
(1) a credit union that is in liquidation, receivership, conservatorship, or similar proceedings;
(2) a corporate credit union;
(3) a credit union service organization affiliated by reason of common ownership or control of at least 25 percent of the voting interest of such affiliated credit union service organization; or
(4) any other relationship otherwise permitted under guidelines or regulations of federal supervisory authorities or the Commissioner adopted from time to time, relating to management interlocks. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
