Vt. Stat. Ann. tit. 8, § 32705
Investing in, lending to, or joining an existing CUSO
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) Subject to the limitations of section 32704 of this title, a credit union may invest its funds in, join, or lend to an existing CUSO. The credit union shall file with the Commissioner prior written notice of its intention to make such investment in or loan to an existing CUSO.
(1) Subject to the limitations of section 32704 of this title, a credit union may invest its funds in, join, or lend to an existing CUSO. The credit union shall file with the Commissioner prior written notice of its intention to make such investment in or loan to an existing CUSO.
(2) Prior to investing in or lending to an existing CUSO, a credit union shall: obtain a written agreement that the CUSO will: account for all transactions in accordance with generally accepted accounting principles;
(2) Prior to investing in or lending to an existing CUSO, a credit union shall: obtain a written agreement that the CUSO will: account for all transactions in accordance with generally accepted accounting principles;
(3) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards;
(3) prepare quarterly financial statements and obtain an annual opinion audit by a licensed certified public accountant on its financial statements in accordance with generally accepted auditing standards;
(4) provide the Commissioner with complete access to all books and records of the CUSO and with the ability to review CUSO internal controls, as the Commissioner deems necessary; and
(4) provide the Commissioner with complete access to all books and records of the CUSO and with the ability to review CUSO internal controls, as the Commissioner deems necessary; and
(5) pay the actual cost of any examination conducted by the Commissioner; and
(5) pay the actual cost of any examination conducted by the Commissioner; and
(6) obtain a written legal opinion that the CUSO is established as a corporation or a limited liability company and that the potential exposure of the credit union is limited to no more than the loss of funds invested in or lent to the CUSO. Added 2005, No. 16, § 1, eff. July 1, 2005.
(6) obtain a written legal opinion that the CUSO is established as a corporation or a limited liability company and that the potential exposure of the credit union is limited to no more than the loss of funds invested in or lent to the CUSO.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.