State Codes and Statutes
Statutes > Vermont > Title-08 > Chapter-221 > 31310
§ 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.)
