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. § 31310)
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§ 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.)