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Vermont Statutes Title 8. Banking and Insurance, § 31310. Prohibited management interlocks

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

(a) 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.

(b) The terms of this section shall not apply to:

(1) a credit union which is in liquidation, receivership, conservatorship, or similar proceedings;

(2) a corporate credit union;

(3) 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

(4) 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.

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Cite this article: FindLaw.com - Vermont Statutes Title 8. Banking and Insurance, § 31310. Prohibited management interlocks - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-8-banking-and-insurance/vt-st-tit-8-sect-31310/

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