§ 31402. Membership application
§ 31402. Membership application The governing body shall act upon applications for membership as prescribed in its bylaws. The governing body may delegate its authority to act on applications for membership as provided in subdivision 31302(2) of this title. A person denied membership by a membership officer or membership committee may appeal the denial to […]
§ 31403. Liability of members
§ 31403. Liability of members The members of the credit union shall not be personally or individually liable for the acts, debts, liabilities, or obligations of the credit union or the payment of the credit union’s debts solely by virtue of their membership in the credit union. (Added 2005, No. 16, § 1, eff. July […]
§ 31404. Membership termination
§ 31404. Membership termination (a) Any member may withdraw from a credit union at any time upon giving notice of withdrawal as required by the bylaws. (b) Any member may be expelled by a majority vote of the members present at any regular membership meeting or a special membership meeting called to consider the matter […]
§ 31405. Suspension of services
§ 31405. Suspension of services A credit union may suspend or limit the use of services to credit union members who have caused a loss to the credit union, who have violated the membership agreement or any policy adopted by the governing body, or who are physically or verbally abusive to credit union members or […]
§ 31406. Meetings of members
§ 31406. Meetings of members (a) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws. (b) On all questions and elections brought to the membership for a vote, each member shall have one vote, regardless of the member’s shareholdings. No member may […]
§ 31407. Special membership meetings
§ 31407. Special membership meetings (a) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this part, any other law or regulation applicable to the credit union, the credit union’s articles of incorporation or bylaws, or any practice of the credit union deemed unsafe […]
§ 31408. Notice to members of annual and special meeting
§ 31408. Notice to members of annual and special meeting (a) Notice of any annual or special meeting shall be given in accordance with the requirements of the Vermont Nonprofit Corporation Act, Title 11B, Vermont Statutes Annotated. Notice may be given electronically if the member has specifically requested or consented to electronic notification of meetings. […]
§ 31501. Net worth
§ 31501. Net worth Every Vermont credit union shall establish and maintain adequate levels of net worth pursuant to standards established by the Commissioner, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 31502. Regular reserve account
§ 31502. Regular reserve account (a) Every credit union shall accumulate and maintain a regular reserve account which shall be held to meet losses until the credit union is dissolved, when it may be distributed among the members. The regular reserve account shall be accumulated and regulated pursuant to standards established by the Commissioner, as […]
§ 31503. Allowance for loan and lease loss
§ 31503. Allowance for loan and lease loss (a) An allowance for loan and lease loss account shall be established and maintained in an amount that represents the current estimated loss on loans and leases. The allowance for loan and lease loss account requirement shall be computed and adjusted through the provision for loan and […]