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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

226

:
SUSPENSION, LIQUIDATION, INSOLVENCY, CONSERVATION, INVOLUNTARY MERGER, AND DIRECTORS AND MANAGING OFFICERS OF A TROUBLED CREDIT UNION











 

§

36104. Appointment of director and managing officers of troubled credit unions

The Commissioner

shall approve any director elected or appointed to serve on the governing body

and any person appointed as the managing officer of a troubled credit union, before

the director or officer takes office. As used in this section, "troubled

credit union" means any credit union that, in the opinion of the

Commissioner:

(1) is insolvent

or is in danger of becoming insolvent;

(2) is not

likely to be able to meet the demands of its members or to pay its obligations

in the normal course of business or is likely to incur losses that may deplete

all or substantially all of its capital; or

(3) is being

operated in an unsafe and unsound manner. (Added 2005, No. 16, § 1, eff. July

1, 2005.)