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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

221

:
ORGANIZATION AND MANAGEMENT OF CREDIT UNION






Subchapter

006
:
BONDS AND INSURANCE










 

§

31601. Share insurance

(a) Every credit

union authorized to do business in this State under this title shall insure its

members' shares with the National Credit Union Administration (NCUA) or the

successor to that federal agency.

(b) A credit

union insured under this section shall have the duty and power to comply with

all statutes and regulations governing insurance of shares by the NCUA;

provided that nothing contained in this section shall be construed as

repealing, modifying, or impairing any powers, duties, rights, or

responsibilities of the Commissioner, or the credit union so insured, under the

provisions of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)