The Vermont Statutes Online

Title 8 : Banking and Insurance

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

Subchapter 004 : Governing Body

• § 13402. Meetings of the governing body

  (a) The governing body of a mutual or cooperative financial institution shall meet as often as is necessary to ensure proper oversight of the financial institution but not less than four times per year, at least once each quarter. If a governing body meets less than monthly, during the months in which the governing body does not meet, the governing body shall appoint an executive committee that meets monthly. The minutes of executive committee meetings shall be ratified at the governing body’s next meeting.

  (b) A quorum at any meeting shall consist of not less than a majority of the governing body, but less than a quorum shall have power to adjourn from time to time until the next duly called meeting.

  (c) 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 of 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.

  (d) Full and complete records of all meetings of the governing body shall be kept and maintained. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2025, No. 142 (Adj. Sess.), § 36, eff. July 1, 2026.)