§ 4495 - Examination of domestic societies - Vermont Statutes

§ 4495. Examination of domestic societies

The commissioner of banking, insurance, securities, and health care administration, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society and he shall make the examination at least once in every three years. He may employ assistants for the purpose of the examination, and he, or any person he may appoint, shall have free access to all books, papers and documents that relate to the business of the society. The minutes of the proceedings of the supreme legislative or governing body and of the board of directors or corresponding body of a society shall be in the English language. In making an examination the commissioner of banking, insurance, securities, and health care administration may summon and qualify as witnesses under oath and examine its officers, agents and employees or other persons in relation to the affairs, transactions and condition of the society. A summary of the report of the commissioner of banking, insurance, securities, and health care administration and such recommendations or statements of the commissioner of banking, insurance, securities, and health care administration as may accompany the report, shall be read at the first meeting of the board of directors or corresponding body of the society following the receipt thereof, and if directed so to do by the commissioner of banking, insurance, securities, and health care administration, shall also be read at the first meeting of the supreme legislative or governing body of the society following the receipt thereof. A copy of the report, recommendations and statements of the commissioner of banking, insurance, securities, and health care administration shall be furnished by the society to each member of the board of directors or other governing body. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the commissioner of banking, insurance, securities, and health care administration. (1959, No. 197, § 35, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a).)