§ 14110 - Duties of executive officers, directors and persons who control principal equity interests in financial institutions; officers may not receive fees - Vermont Statutes

§ 14110. Duties of executive officers, directors and persons who control principal equity interests in financial institutions; officers may not receive fees

(a) All executive officers, directors and holders of principal equity interest of a Vermont or state financial institution subject to the laws of this state under this title, shall comply with the standards for member banks established by Regulation O of the Federal Reserve Board, 12 C.F.R., Part 215, as amended.

(b) An officer, director or employee of a Vermont or state financial institution shall not corruptly solicit or demand for the benefit of any person, or corruptly accept or agree to accept (i) any fee, present, benefit or commission, directly or indirectly, from a borrower or applicant for a loan or from anyone negotiating securities at the financial institution of which he or she is an officer, director or employee; (ii) any fee, present, benefit or commission, directly or indirectly, for signing with another as accommodation maker, surety or endorser, or for a loan made or securities bought or sold by the financial institution, except for the benefit or profit he or she may derive in common with other depositors or stockbrokers, and the compensation allowed by the financial institution, for services and expenses. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)