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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

201

:
SUPERVISION; DEFINITIONS






Subchapter

004
:
REPORTS










 

§

11402. Internal audits

(a) The

governing body shall cause internal audits of the Vermont financial institution

to be performed. The internal audit shall be reported in writing to the

governing body at least once in six months if made by a committee of the

governing body and at least once a year if made by a certified or registered

public accountant. Any committee of the governing body shall consist of at

least three persons. At the request of the Commissioner a copy of the report

shall be made available to the Commissioner.

(b) Prior to

declaration of any dividend or other distribution, the governing body of a

Vermont financial institution shall determine that the institution will

continue to meet the capital requirements under section 14104 of this title as

established by the Commissioner after payment of the proposed dividend or other

distribution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)