2005 Vermont Code - § 2058a. — Duties of officers, directors, and committee members

§ 2058a. Duties of officers, directors, and committee members

(a) All officers, directors, and members of the supervisory or credit committees of a credit union subject to the laws of this state under this title, shall comply with the standards established by the National Credit Union Administration for federally chartered credit unions under Title 12, Code of Federal Regulations, Part 701.21(d), as amended.

(b) An officer, director, or member of the supervisory or credit committee who fails to comply with the standards established by this section shall be subject to the civil penalties established by 12 U.S.C. § 1786(k)(2) and (3), as amended, as if he or she had directly violated the standards established by the National Credit Union Administration for federally chartered credit unions under Title 12, Code of Federal Regulations, Part 701.21(d).

(c) An officer, director, or member of the supervisory or credit committee of a credit union subject to the laws of this state under this title who, in violation of a standard established by this section, willfully misapplies any of the moneys, funds or credits of such credit union, or any of the moneys, funds, assets or securities entrusted to the care or custody of such credit union, or to the care or custody of such officer, director, or member of the supervisory or credit committee, shall be fined not more than $100,000.00 or imprisoned not more than five years, or both. (Added 1991, No. 242 (Adj. Sess.), § 2.)