§ 33102. In-State and out-of-State offices
§ 33102. In-State and out-of-State offices (a) A Vermont credit union shall not establish an office in this State or outside this State without the prior approval of the Commissioner in accordance with subsection 30801(b) of this title. (b) Prior to approving the credit union’s application to establish an office in this State or outside […]
§ 33103. Offices of State-chartered credit unions
§ 33103. Offices of State-chartered credit unions (a) A state credit union may, with the prior written approval of the Commissioner, establish one or more offices in this State; provided the laws of its home state authorizes under conditions no more restrictive than those imposed by the laws of this State, as determined by the […]
§ 33104. Supervisory agreements; costs of examinations
§ 33104. Supervisory agreements; costs of examinations (a) In implementing this chapter, the Commissioner may cooperate with credit union regulators in other states or jurisdictions and may share with the regulators the information received by the Commissioner to the extent necessary to supervise and regulate the credit union. (b) The Commissioner may enter into supervisory […]
§ 34101. Mergers
§ 34101. Mergers (a) General. Any two or more credit unions may merge into one Vermont credit union in accordance with the procedures and subject to the conditions and limitations set forth in this chapter. (b) Adoption of plan. The governing body of each participating credit union shall adopt, by a majority vote or higher […]
§ 32707. Bond
§ 32707. Bond Each credit union service organization and each of its directors, officers, managers, general partners, employees, and authorized agent of a CUSO who has charge or possession of the funds, securities, or other assets of such CUSO shall be bonded by a surety company authorized to do business in this State. Such bond […]
§ 32708. Prohibited activities
§ 32708. Prohibited activities A CUSO shall not acquire control of, either directly or indirectly, another depository financial institution, nor invest in shares, stocks, or obligations of an insurance company, trade association, liquidity facility, or similar organization, corporation, or association. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 32709. Separate entities
§ 32709. Separate entities (a) A credit union and a CUSO shall be operated in a manner that demonstrates to the public the separate existence of the credit union and the CUSO. (b) At the request of the Commissioner, the credit union shall provide to the Commissioner a written legal opinion of counsel as to […]
§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO
§ 32710. Suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO A CUSO shall be subject to chapter 226 of this title governing suspension, liquidation, insolvency, conservation, involuntary merger, and appointment of directors and managing officers of a troubled CUSO. (Added 2005, No. 16, § 1, eff. […]
§ 32711. Rules and regulations
§ 32711. Rules and regulations The Commissioner may adopt such additional rules governing CUSOs as the Commissioner deems appropriate. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 338, eff. July 1, 2022.)
§ 33101. Relocation of main office
§ 33101. Relocation of main office (a) With the approval of the Commissioner, a Vermont credit union may relocate its main office anywhere within the State to serve effectively its members. (b) The Commissioner, before granting an approval under subsection (a) of this section, shall consider: (1) the field of membership to be served by […]