The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
REPORTS
(Cite as: 8 V.S.A. § 11402)
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§ 11402. Internal audits
(a) The governing body shall cause internal audits of the Vermont financial institution
to be performed. The internal audit shall be reported in writing to the governing
body at least once in six months if made by a committee of the governing body and
at least once a year if made by a certified or registered public accountant. Any committee
of the governing body shall consist of at least three persons. At the request of the
Commissioner, a copy of the report shall be made available to the Commissioner.
(b) Prior to declaration of any dividend or other distribution, the governing body of
a Vermont financial institution shall determine that the institution will continue
to meet the capital requirements under section 14104 of this title as established by the Commissioner after payment of the proposed dividend or other
distribution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)