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
002
:
ESTABLISHMENT AND ORGANIZATION
(Cite as: 24 V.S.A. § 4574)
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§ 4574. Officers; quorum
The directors shall elect one of their number as chair. The directors shall elect
a secretary and a treasurer who need not be directors, and the same person may be
elected to serve both as secretary and treasurer. The powers of the Bank are vested
in the directors thereof and three directors of the Bank shall constitute a quorum.
Action may be taken and motions and resolutions adopted by the Bank at any meeting
thereof by the affirmative vote of at least three directors of the Bank. A vacancy
in the directorship of the Bank shall not impair the right of a quorum to exercise
all the powers and perform all the duties of the Bank. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1971, No. 148 (Adj. Sess.), § 1, eff. Feb. 14, 1972.)