Vt. Stat. Ann. tit. 8, § 14109
Prohibited management interlocks
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:
A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:
(1) a financial institution which is in liquidation, receivership, conservatorship or similar proceedings;
(1) a financial institution which is in liquidation, receivership, conservatorship or similar proceedings;
(2) the Federal Reserve Bank of Boston;
(2) the Federal Reserve Bank of Boston;
(3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or
(3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or
(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.
(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.