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
003
:
GOVERNING BODY, OFFICERS, AND COMMITTEES
(Cite as: 8 V.S.A. § 31304)
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§ 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.)