§ 31301. Number and election of directors (a) The governing body of a credit union shall consist of an odd number of directors, at least five in number. The initial governing body shall be elected at the organizational meeting of the credit union as provided in subsection 31103(e) of this title, and thereafter by the […]
§ 31302. Duties of governing body The governing body shall have authority for the general management of the credit union and, among other things, the governing body shall: (1) have the authority and responsibility for directing the operations, funds, and records of the credit union; (2) act upon applications for membership or appoint an executive […]
§ 31303. Executive committee (a) The executive committee, if one is appointed by the governing body, shall consist of an odd number of no fewer than three directors of the credit union. (b) The executive committee shall meet in accordance with section 31304 of this title and as often as necessary, and shall act for […]
§ 31304. Meetings of governing body (a) The governing body of a credit union shall meet as often as necessary and at least monthly, provided, that if the governing body delegates its authority to an executive committee, the executive committee shall meet during the months in which the governing body does not meet. The governing […]
§ 31305. Officers (a) At the first regularly scheduled meeting of the entire governing body at which a quorum is present following the organizational meeting and thereafter following each annual meeting, but in no event more than 30 days after such organizational meeting or annual meeting of the members, as applicable, the directors shall elect […]
§ 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 (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 (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 (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 (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 (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 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 (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 (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 […]
