2005 Vermont Code - § 2056. — Central credit union

§ 2056. Central credit union

(a) A central credit union may be organized under this chapter or federal law and may receive the savings of its members, and member credit unions and associations of credit unions in payment of shares or on deposit; may lend its funds to those members for provident or productive purposes or borrow money from any source. The central credit union may undertake such other activities consistent with the business of the central credit union as its bylaws may authorize.

(b) It is lawful for credit unions, whether state or federal chartered, operating in the state of Vermont and for the officers, directors, committee members and employees of those credit unions, for the members of a liquidating credit union, and for the Vermont credit union league and its employees to hold membership in the central credit union.

(c) Notwithstanding any other provision of law, employees of a common employer with insufficient numbers to form or conduct the affairs of a separate credit union, upon approval of the commissioner of banking, insurance, securities, and health care administration, may hold membership in a central credit union. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1971, No. 38, § 1, eff. July 1, 1971; 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)