2013 Vermont Statutes
Title 08 Banking and Insurance
Chapter 221 ORGANIZATION AND MANAGEMENT OF CREDIT UNION
§ 31310 Prohibited management interlocks
31310. Prohibited management interlocks
(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. (Added 2005, No. 16, 1, eff. July 1, 2005.)
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