§ 31310.
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/vt/title-8/chapter-221/31310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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 that 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.)