The Vermont Statutes Online

Title 8: Banking and Insurance

Chapter 221: Organization and Management of Credit Union

• Subchapter 001: Organization and Commencing Business
•    § 31101. Application to organize

•    § 31102. Issuance of certificate of approval; refusal to issue certificate of approval

•    § 31103. Requirements to commence business; minimum initial share deposits; certificate of authority

•    § 31104. Submission to Secretary of State

•    § 31105. Payment of share deposits

•    § 31106. Certificate to commence business; insurance; bond

•    § 31107. Failure to commence business

•    § 31108. Amendment to articles of incorporation

• Subchapter 002: Bylaws and Name
•    § 31201. Bylaws; amendment of bylaws

•    § 31202. Credit union name

• Subchapter 003: Governing Body, Officers, and Committees
•    § 31301. Number and election of directors

•    § 31302. Duties of governing body

•    § 31303. Executive committee

•    § 31304. Meetings of governing body

•    § 31305. Officers

•    § 31306. Supervisory committee

•    § 31307. Credit committee; credit manager

•    § 31308. Duties of officers, directors, and committee members

•    § 31309. Oaths of office; certificate of election

•    § 31310. Prohibited management interlocks

•    § 31311. Suspension and removal

•    § 31312. Vacancies

•    § 31313. Conflict of interest

•    § 31314. Compensation; insurance; expenses

• Subchapter 004: Membership
•    § 31401. Field of membership

•    § 31402. Membership application

•    § 31403. Liability of members

•    § 31404. Membership termination

•    § 31405. Suspension of services

•    § 31406. Meetings of members

•    § 31407. Special membership meetings

•    § 31408. Notice to members of annual and special meeting

• Subchapter 005: Net Worth; Reserves; Dividends
•    § 31501. Net worth

•    § 31502. Regular reserve account

•    § 31503. Allowance for loan and lease loss

•    § 31504. Unrealized gain or loss on available for sale securities

•    § 31505. Additional or special reserves

•    § 31506. Dividends to shareholders; conditions precedent

•    § 31507. Standards

• Subchapter 006: Bonds and Insurance
•    § 31601. Share insurance

•    § 31602. Bonds and insurance

• Subchapter 007: Corporate Credit Unions
•    § 31701. General application

•    § 31702. Organization

•    § 31703. Membership

•    § 31704. Purposes

•    § 31705. Powers

•    § 31706. Reserves

Full Text of Chapter