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
006
:
EXAMINATIONS
(Cite as: 8 V.S.A. § 30601)
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§ 30601. Examinations
(a) The Commissioner shall conduct a regular examination of the condition of each Vermont
credit union at least once every three years or more frequently as the Commissioner
deems prudent.
(b) The Commissioner may at any time conduct a special examination or may expand the scope
of any regular examination. An entity examined pursuant to this subsection shall be
responsible for examination fees and expenses as provided in sections 18 and 19 of this title.
(c) The Commissioner shall be given access to all the files, books, accounts, securities,
and assets of the credit union and any person under contract with it to perform services
for the credit union that the Commissioner deems material to the financial condition
of the credit union and shall be afforded every reasonable facility for making an
examination of the affairs of the credit union and such person under contract.
(d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company
that is owned in whole or in part by a Vermont credit union or that is found by the
Commissioner to be controlled by a Vermont credit union.
(e) A report of the examination shall be forwarded to the chairperson of the credit union’s
governing body after the completion of the examination. The report shall contain comments
relative to the management of the affairs of the credit union and also as to the general
condition of its assets. Within 30 days of the receipt of the report, a general meeting
of the directors and committee members shall be called to consider matters contained
in the report. Upon request of the credit union, a representative of the Department
shall attend the meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)