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 007 : Corporate Credit Unions
(Cite as: 8 V.S.A. § 31705)-
§ 31705. Powers
A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this part in addition to those powers enumerated in this subchapter, notwithstanding any limitation or restrictions found elsewhere in this part. The Commissioner may adopt such rules concerning the establishment and operation of corporate credit unions as he or she deems necessary and proper. Subject to such rules, a corporate credit union may:
(1) accept shares or deposits in any form from its members; from other state, regional, or national corporate credit unions; and from credit union organizations and associations;
(2) make loans to its members; to other credit unions; and to other state, regional, and national corporate credit unions, organizations, and associations of credit unions;
(3) establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors;
(4) invest in the shares of or make deposits in credit unions;
(5) borrow money, accept demand deposits, and issue notes or debentures;
(6) acquire or sell the assets and assume the liabilities of a member; and
(7) enter into agreements with credit unions to discount or purchase loans made pursuant to government-guaranteed loan programs, real estate loans made by members, or any obligations of the United States or any agency thereof held by members. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 331, eff. July 1, 2022.)
