The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 202 : Organization and Management of Investor-Owned Financial Institutions

Subchapter 002 : GOVERNING BODY

• § 12201. Meetings

  (a) The governing body of a Vermont financial institution shall meet at least monthly, except as otherwise provided in this section. A governing body that has appointed an executive committee that meets during the months in which the governing body does not meet shall meet at least six times a year, including once each quarter. Minutes of executive committee meetings shall be ratified by the governing body.

  (b) At least once each month and at each regular meeting, the treasurer shall prepare a financial statement showing the condition of the financial institution, which shall be recorded in a book kept for that purpose and at all times shall be open to the inspection by the governing body and the Commissioner. A record shall be made at each meeting of the transactions of the governing body and the names of the directors present.

  (c) Conveyances, leases, assignments, releases, transfers of stock certificates and registered bonds, and all other written instruments authorized or required by law or vote of the directors may be executed by an executive officer or other official authorized and empowered by the internal governance documents of the institution or by a vote of the governing body that is duly recorded in the minutes of the institution.

  (d) Within 30 days after the annual meeting of the governing body for election of officers, the Secretary shall file a copy of a list of officers and directors with the Commissioner, which list shall be kept on file in the Commissioner’s office for public inspection. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 3, eff. Feb. 2, 2002.)