§ 31308 - Duties of officers, directors, and committee members - Vermont Statutes

§ 31308. Duties of officers, directors, and committee members

(a) All officers, directors, and members of the supervisory or credit committees of a credit union subject to the laws of this state under this title shall comply with the standards for such officers, directors, and committee members established by the National Credit Union Administration (NCUA), as amended.

(b) In addition to any applicable state fines and penalties, an officer, director, or member of the supervisory or credit committee who fails to comply with the standards established by this section shall be subject to the civil penalties established by 12 U.S.C. § 1786(k)(2) and (3), as amended, as if he or she had directly violated the standards established by the NCUA.

(c) All executive officers, directors, and committee members shall comply with the conflict of interest standards established pursuant to section 31313 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)