The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 8 : Banking and Insurance
Chapter 221 : Organization and Management of Credit Union
Subchapter 003 : Governing Body, Officers, and Committees
(Cite as: 8 V.S.A. § 31310)-
§ 31310. Prohibited management interlocks
(a) Except with the Commissioner’s prior written approval, a director, officer, or employee of any other credit union or financial institution shall not at the same time be a director, officer, or employee of a credit union with a place of business or doing business in the State of Vermont.
(b) The terms of this section shall not apply to:
(1) a credit union that is in liquidation, receivership, conservatorship, or similar proceedings;
(2) a corporate credit union;
(3) a credit union service organization affiliated by reason of common ownership or control of at least 25 percent of the voting interest of such affiliated credit union service organization; or
(4) any other relationship otherwise permitted under guidelines or regulations of federal supervisory authorities or the Commissioner adopted from time to time, relating to management interlocks. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
