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VERMONT STATUTES AND CODES

§ 31310 -   Prohibited management interlocks

§ 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.)

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