Vt. Stat. Ann. tit. 8, § 31310

Prohibited management interlocks

Redline — July 1, 2021 → current.View current text →

Current — June 1, 2022

As of July 1, 2021

(1) 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.

(1) 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.

(2) The terms of this section shall not apply to: a credit union which is in liquidation, receivership, conservatorship, or similar proceedings;

(3) a corporate credit union;

(4) 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

(5) 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.~~

(5) 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.

Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.