§ 31504. Unrealized gain or loss on available for sale securities
§ 31504. Unrealized gain or loss on available for sale securities (a) An unrealized gain or loss on available for sale securities account shall be established and maintained in an amount that represents the current estimated gain or loss on investments. (b) Changes to the allowance for unrealized gain or loss on securities account resulting […]
§ 31505. Additional or special reserves
§ 31505. Additional or special reserves If the Commissioner determines that any reserve account is inadequate for any reason, he or she may require the establishment of such additional or special reserves as he or she deems necessary for the protection of the members. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 31506. Dividends to shareholders; conditions precedent
§ 31506. Dividends to shareholders; conditions precedent (a) The governing body of any credit union may declare a dividend from the credit union’s current period undivided earnings, which dividend shall be calculated as provided in this subchapter for any period determined by the governing body. (b)(1) The governing body may declare a dividend from the […]
§ 31507. Standards
§ 31507. Standards For purposes of this subchapter, in the absence of standards otherwise prescribed by the Commissioner, a credit union shall follow the standards established by the National Credit Union Administration (NCUA). In the event standards established by the NCUA require the credit union to accumulate or maintain accounts in an amount in excess […]
§ 31601. Share insurance
§ 31601. Share insurance (a) Every credit union authorized to do business in this State under this title shall insure its members’ shares with the National Credit Union Administration (NCUA) or the successor to that federal agency. (b) A credit union insured under this section shall have the duty and power to comply with all […]
§ 31602. Bonds and insurance
§ 31602. Bonds and insurance (a) Every credit union authorized to do business in this State under this title shall acquire and maintain a blanket fidelity bond covering the directors, officers, employees, members of official committees, attorneys at law, and other agents with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery […]
§ 31701. General application
§ 31701. General application (a) Any corporate credit union chartered by the Commissioner shall be subject to such rules and orders as the Commissioner deems appropriate and, except as otherwise specifically provided in such rules or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations […]
§ 31702. Organization
§ 31702. Organization (a) Application to form a corporate credit union shall be made in writing to the Commissioner. A corporate credit union shall be organized and operated under the provisions of this part, except to the extent such provisions are not consistent with this subchapter. (b) A corporate credit union shall use the word […]
§ 31703. Membership
§ 31703. Membership (a) Membership in the corporate credit union may consist of Vermont-chartered credit unions, any other state-chartered credit union, any federally chartered credit union, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation. (b) A member of the corporate credit union shall designate one person […]
§ 31704. Purposes
§ 31704. Purposes A corporate credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to: (1) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (2) act as an intermediary for credit union funds between members and other corporate […]