§ 32103. Expanded powers of Vermont credit unions
§ 32103. Expanded powers of Vermont credit unions (a) Subject to the requirements of this section, in addition to all other powers permitted under these statutes, a credit union may exercise any of the powers or engage in any activity conferred upon a federal credit union chartered under the laws of the United States of […]
§ 32104. Investments
§ 32104. Investments (a) A Vermont credit union may invest its assets prudently in accordance with the best judgment of its governing body, subject to the limitations set forth in this section and in the credit union’s adopted investment policy. (b) A Vermont credit union’s governing body shall establish a written investment policy, which it […]
§ 32201. Deposit powers
§ 32201. Deposit powers (a) Applicability. The provisions of subsection 14201(b) of this title governing deposit accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (b) Insurance. A Vermont credit union that accepts deposits or an office of a state-chartered […]
§ 32202. Payment of deposits to administrators from another state or country
§ 32202. Payment of deposits to administrators from another state or country The provisions of section 14202 of this title governing the payment of deposits to administrators from another state or country shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. […]
§ 32203. Trust deposits; payment on death of trustee
§ 32203. Trust deposits; payment on death of trustee (a) When a deposit is made in a credit union by one or more persons in trust for another, the name and residence of the person for whom the deposit is made shall be disclosed, and the deposit shall be credited to the depositor or depositors […]
§ 32204. Joint deposits
§ 32204. Joint deposits (a) The provisions of section 14204 of this title governing joint deposits shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title. (b) A single joint share account may hold more than one membership share, supporting membership for […]
§ 31705. Powers
§ 31705. Powers A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this part in addition to those powers enumerated in this subchapter, notwithstanding any limitation or restrictions found elsewhere in this part. The Commissioner may adopt such rules concerning the establishment and operation of corporate credit […]
§ 31706. Reserves
§ 31706. Reserves Each corporate credit union shall maintain such reserves and accounts as required by the regulations of the National Credit Union Administration, or its successor, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 332, eff. July 1, 2022.)
§ 32101. Applicability of chapter
§ 32101. Applicability of chapter The provisions of this chapter set forth the powers granted to all credit unions organized pursuant to this part and offices of any state-chartered credit union authorized to do business in Vermont under this title. The powers, privileges, duties, and restrictions conferred and imposed in the articles of association of […]
§ 32102. General powers
§ 32102. General powers (a) Subject to applicable law, a Vermont credit union may exercise the following powers: (1) make contracts; (2) sue and be sued; (3) adopt and use a common seal and alter such seal at pleasure; (4) purchase, hold, and dispose of property necessary or incidental to its operations; (5) establish, acquire, […]