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Prohibited management interlocks

8 V.S.A. § 14109
in effect
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14109. Prohibited management interlocks A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to: (1) a financial institution that is in liquidation, receivership, conservatorship or similar proceedings; (2) the Federal Reserve Bank of Boston; (3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or (4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/08/204/14109Fetched: 10/21/2026

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