PocketLaw | Vermont Statutes | Organization And Management Of Credit

Organization And Management Of Credit Union

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Application to organize

Issuance of certificate of approval; refusal to issue certificate of approval

Requirements to commence business; minimum initial share deposits; certificate of authority

Submission to Secretary of State

Payment of share deposits

Certificate to commence business; insurance; bond

Failure to commence business

Amendment to articles of incorporation

Bylaws; amendment of bylaws

Credit union name

Number and election of directors

Duties of governing body

Executive committee

Meetings of governing body

Officers

Supervisory committee

Credit committee; credit manager

Duties of officers, directors, and committee members

Oaths of office; certificate of election

Prohibited management interlocks

Suspension and removal

Vacancies

Conflict of interest

Compensation; insurance; expenses

Field of membership

Membership application

Liability of members

Membership termination

Suspension of services

Meetings of members

Special membership meetings

Notice to members of annual and special meeting

Net worth

Regular reserve account

Allowance for loan and lease loss

Unrealized gain or loss on available for sale securities

Additional or special reserves

Dividends to shareholders; conditions precedent

Standards

Share insurance

Bonds and insurance

General application

Organization

Membership

Purposes

Powers

Reserves