§ 31306. Supervisory committee
§ 31306. Supervisory committee (a) The supervisory committee shall consist of no fewer than three members of the credit union, none of whom shall simultaneously serve as a director, serve on the credit committee, serve as an officer of the credit union, and be otherwise regularly employed by such credit union. supervisory committee members shall […]
§ 31307. Credit committee; credit manager
§ 31307. Credit committee; credit manager (a) Except as provided in section 31313 of this title, the governing body may delegate, in accordance with its bylaws, all or part of its lending authority to a credit committee, a credit manager, one or more loan officers, or any combination thereof, who shall review and act on […]
§ 31308. Duties of officers, directors, and committee members
§ 31308. Duties of officers, directors, and committee members (a) All officers, directors, and members of any committees of a credit union subject to the laws of this State under this title shall comply with the standards for such officers and directors established under Title 11B. Members of committees of credit unions shall comply with […]
§ 31309. Oaths of office; certificate of election
§ 31309. Oaths of office; certificate of election (a) Within ten days after election to any position, each person so elected or appointed shall execute an oath of office by which he or she agrees to accept, and diligently and faithfully to carry out, the duties and responsibilities of the position to which he or […]
§ 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. […]
§ 31311. Suspension and removal
§ 31311. Suspension and removal (a) The governing body of a credit union shall have the power to remove, by a two-thirds vote of its members at a regular or special meeting, a director or a governing-body-appointed committee member: (1) who fails, without good cause, to attend three consecutive meetings of the governing body or […]
§ 31312. Vacancies
§ 31312. Vacancies A vacancy on the governing body, the supervisory committee, or any other governing-body-appointed or member-elected committee that exists due to the death, resignation, or removal of a director or committee member shall be filled by majority vote of the remaining directors, regardless of whether the remaining directors constitute a quorum. A director […]
§ 31313. Conflict of interest
§ 31313. Conflict of interest (a) The governing body of a credit union shall adopt a written conflict of interest policy that includes provisions addressing transactions with insiders, employees, volunteers, and their immediate family members, and other persons having a common ownership, investment, or other pecuniary interest in a business enterprise with such insiders and […]
§ 31314. Compensation; insurance; expenses
§ 31314. Compensation; insurance; expenses (a) No officer of the governing body, no director, nor any committee member, other than the treasurer, may be compensated for services as such. However, providing reasonable health, accident, and similar insurance protection shall not be considered compensation. (b) A credit union may, with the approval of a majority of […]
§ 31401. Field of membership
§ 31401. Field of membership (a)(1) Except as provided in subdivision (2) of this subsection, the field of membership of a credit union is limited to: (A) a single common bond membership; (B) a multiple common bond membership; (C) persons or organizations within one or more well-defined communities, neighborhoods, municipalities, or counties; or (D) any […]