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
001
:
GENERAL POWERS
(Cite as: 8 V.S.A. § 14109)
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§ 14109. Prohibited management interlocks
A director or officer of a Vermont financial institution shall not at the same time
be a director or officer of another financial institution engaged in the business
of banking in the State of Vermont or a state contiguous to Vermont. The terms of
this section shall not apply to:
(1) a financial institution that is in liquidation, receivership, conservatorship or similar
proceedings;
(2) the Federal Reserve Bank of Boston;
(3) a financial institution affiliated by reason of common ownership or control of at
least 25 percent of the voting interests of such affiliated financial institutions;
or
(4) any other relationship otherwise permitted under interagency guidelines or regulations
of federal supervisory authorities adopted from time to time, relating to management
interlocks. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)