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Prohibited management interlocks

8 V.S.A. § 31310
in effect
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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.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/08/221/31310Fetched: 10/21/2026

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