2005 Vermont Code - § 2069. — Examinations

§ 2069. Examinations

(a) The department of banking, insurance, securities, and health care administration at least once every three years shall examine or cause to be examined each credit union, but the commissioner may, in his or her discretion, order such other examination or examinations as he or she may deem to be necessary. Each credit union and all of its officers and agents shall be required to give to representatives of the department full access to all books, papers, securities, records and other sources of information under their control; and for the purpose of the examination those representatives may subpoena witnesses, administer oaths, compel the giving of testimony, and require the submission of documents. Each credit union shall pay to the department of banking, insurance, securities, and health care administration examination fees as prescribed by sections 18 and 19 of this title, which fees shall be billed when they are incurred, but there shall be no charge for the first examination.

(b) A report of the examination shall be forwarded to the president of each credit union within thirty days after the completion of the examinations. The report shall contain comments to the members relative to the management of the affairs of the credit union and also as to the general condition of its assets which shall be conspicuously posted upon receipt for at least 90 days. Within thirty days of the receipt of the report, a general meeting of the directors and committee members shall be called to consider matters contained in the report. Upon request, a representative of the department of banking, insurance, securities, and health care administration shall attend the meeting. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1969, No. 18, § 5, eff. March 11, 1969; 1979, No. 157 (Adj. Sess.), § 5; 1983, No. 227 (Adj. Sess.), § 4; 1987, No. 119, § 4; 1989, No. 225 (Adj. Sess.), § 25(a); 1995, No. 180 (Adj. Sess.), § 38(a); 1997, No. 23, § 5; 1999, No. 153 (Adj. Sess.), § 7, eff. Jan. 1, 2001.)