The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 221 : Organization and Management of Credit Union

Subchapter 003 : GOVERNING BODY, OFFICERS, AND COMMITTEES

• § 31304. Meetings of governing body

  (a) The governing body of a credit union shall meet as often as necessary and at least monthly, provided that if the governing body delegates its authority to an executive committee, the executive committee shall meet during the months in which the governing body does not meet. The governing body shall meet at least six times a year, including once each quarter. The governing body and the executive committee, if appointed, shall keep complete minutes of all of their meetings, which minutes shall include the names of all persons present at each meeting. Minutes of the executive committee meetings shall be ratified by the governing board.

  (b) Unless the bylaws provide otherwise, the governing body may permit any and all directors to participate in all except one meeting per year of the governing body through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.

  (c) At the meeting of the governing body following the annual meeting of members, the governing body shall elect officers of the governing board as provided in section 31305 of this title.

  (d) Unless a greater number is required by the bylaws, a majority of the governing body shall constitute a quorum. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the governing body unless the act of a greater number is required by this part or the bylaws of the credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)