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Searching 2021-2022 Session

The Vermont Statutes Online

 

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 which 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.)