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Vermont Statutes Title 8. Banking and Insurance, § 14109. Prohibited management interlocks

Current as of January 01, 2024 | Updated by Findlaw Staff

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;

(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

(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 14109. Prohibited management interlocks - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-14109/

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