reglab/housing_qa huggingface dataset:
8 V.S.A. § 31401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31401. Field of membership

§ 31401. Field of membership|(a)(1) Except as provided in subdivision (2) of this subsection, the field of membership of a credit union is limited to:   (A) a single common bond membership; (B) a multiple common bond membership; (C) persons or organizations within one or more well-defined communities, neighborhoods, municipalities, or counties; or (D) any combination of subdivisions (A), (B), or (C).  (2) Within the field of membership of a credit union, members may include:  (A) members of the immediate family or household of all members of the credit union included under subdivision (1)(A), (B), (C), or (D) of this subsection; (B) organizers and employees of such credit union; (C) the surviving spouse or party to a civil union of a deceased member of such credit union; and (D) notwithstanding any change in employment, occupation, residence, or other condition initially controlling the eligibility for membership in any credit union, any person properly admitted to membership in a credit union who may continue membership therein during such person's lifetime.  (3) The field of membership may include associations and organizations of individuals, the majority of whom are eligible for membership in such credit union, partnerships in which the majority of the partners are individuals who are eligible for membership in such credit union, corporations in which the majority of shareholders are individuals who are eligible for membership in such credit union, and such entities in which a majority of the employees are individuals who are eligible for membership in such credit union.   (b)(1) The Commissioner may approve an amendment to the bylaws of a credit union to expand its field of membership if the Commissioner finds that:   (A) the credit union has not engaged in any material unsafe or unsound practice during the one-year period preceding the date on which the proposed amendment is filed with the Commissioner; (B) the credit union maintains its net worth in accordance with subchapter 5 of this chapter; and (C) the credit union has the administrative capability to serve the proposed membership group and the financial resources to meet the need for additional staff and assets to serve the new membership group.  (2) The Commissioner may approve an amendment to the bylaws of a credit union to change its field of membership whenever the Commissioner determines that continued operation of the credit union without the proposed amendment may result in liquidation or merger of such credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31402
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31402. Membership application

§ 31402. Membership application|The governing body shall act upon applications for membership as prescribed in its bylaws. The governing body may delegate its authority to act on applications for membership as provided in subdivision 31302(2) of this title. A person denied membership by a membership officer or membership committee may appeal the denial to the governing body. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31403
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31403. Liability of members

§ 31403. Liability of members|The members of the credit union shall not be personally or individually liable for the acts, debts, liabilities, or obligations of the credit union or the payment of the credit union's debts solely by virtue of their membership in the credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31404
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31404. Membership termination

§ 31404. Membership termination|(a) Any member may withdraw from a credit union at any time upon giving notice of withdrawal as required by the bylaws.(b) Any member may be expelled by a majority vote of the members present at any regular membership meeting or a special membership meeting called to consider the matter at which a quorum is present, but only after the member has been given an opportunity to be heard.(c) The governing body may expel a member by a majority vote of a quorum of directors, pursuant to a written policy adopted by the governing body. Any member may be expelled if he or she violates the membership agreement, any policy or procedure adopted by the governing body, the bylaws of the credit union, or if the member is physically or verbally abusive to credit union members or staff. If such a policy is adopted, written notice of the policy as adopted and the effective date of such policy shall be mailed to each member of the credit union at the member's current address appearing on the records of the credit union no fewer than 30 days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership. Copies of such policies shall be available to members upon request. Any person expelled by the governing body shall have the right to request a hearing before the governing body to reconsider the expulsion.(d) A person whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the credit union, but is not released from any obligation owed to the credit union.(e) A member who has been expelled as provided in this section may not be readmitted to membership except upon approval by a majority vote of the governing body after application and proof that the applicant remains within the credit union's field of membership, has adequately explained, addressed, or remedied the conditions leading to expulsion, and will abide by the terms and conditions of membership. Not more than one such application for readmission may be made within any 12-month calendar period. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31405
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31405. Suspension of services

§ 31405. Suspension of services|A credit union may suspend or limit the use of services to credit union members who have caused a loss to the credit union, who have violated the membership agreement or any policy adopted by the governing body, or who are physically or verbally abusive to credit union members or staff. Members with suspended or limited services may maintain a share account and may continue to vote at annual and special membership meetings. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31406
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31406. Meetings of members

§ 31406. Meetings of members|(a) The annual meeting and any special meetings of the members of the credit union shall be held in accordance with the bylaws.(b) On all questions and elections brought to the membership for a vote, each member shall have one vote, regardless of the member's shareholdings. No member may vote by proxy, but a member may vote by early voter absentee ballot, mail ballot, or other method if the bylaws of the credit union so provide.(c) The bylaws may establish a minimum age, not greater than the age of majority as defined in 1 V.S.A. § 173, as a qualification of eligibility to vote at meetings of the members. A minor, as defined in 1 V.S.A. § 173, may not be a voting member of the governing body, the supervisory committee, or any other appointed or elected committee.(d) An organization having membership in the credit union may be represented and have its vote cast by an officer of the organization or its designated agent so authorized by the organization's governing body as evidenced by a certified copy of such authorization provided to the credit union before the vote is cast. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31407
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31407. Special membership meetings

§ 31407. Special membership meetings|(a) The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this part, any other law or regulation applicable to the credit union, the credit union's articles of incorporation or bylaws, or any practice of the credit union deemed unsafe or unauthorized by the supervisory committee.(b) The bylaws may also prescribe the manner in which a special meeting of the members may be called by the members or by the governing body, or both. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31408
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31408. Notice to members of annual and special meeting

§ 31408. Notice to members of annual and special meeting|(a) Notice of any annual or special meeting shall be given in accordance with the requirements of the Vermont Nonprofit Corporation Act, Title 11B, Vermont Statutes Annotated. Notice may be given electronically if the member has specifically requested or consented to electronic notification of meetings.(b) Notice of any special meeting shall state the purpose for which it is to be held, and no business other than that related to the purpose set forth in the notice shall be transacted at the special meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31501. Net worth

§ 31501. Net worth|Every Vermont credit union shall establish and maintain adequate levels of net worth pursuant to standards established by the Commissioner, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31502
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31502. Regular reserve account

§ 31502. Regular reserve account|(a) Every credit union shall accumulate and maintain a regular reserve account which shall be held to meet losses until the credit union is dissolved, when it may be distributed among the members. The regular reserve account shall be accumulated and regulated pursuant to standards established by the Commissioner, as the same may be amended from time to time.(b) Any sums recovered on items previously charged to the regular reserve account shall be credited to the regular reserve account.(c) Except as permitted under subsection 31506(b) of this title, the governing body of a credit union shall not transfer any part of the regular reserve account to the undivided earnings account without the prior written approval of the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31503
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31503. Allowance for loan and lease loss

§ 31503. Allowance for loan and lease loss|(a) An allowance for loan and lease loss account shall be established and maintained in an amount that represents the current estimated loss on loans and leases. The allowance for loan and lease loss account requirement shall be computed and adjusted through the provision for loan and lease loss expense account prior to the payment of dividends. This account shall be calculated in accordance with standards established by the Commissioner, as the same may be amended from time to time.(b) Any sums recovered on items previously charged to allowance for loan and lease loss account shall be credited to the allowance for loan and lease loss account. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31504
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31504. Unrealized gain or loss on available for sale securities

§ 31504. Unrealized gain or loss on available for sale securities|(a) An unrealized gain or loss on available for sale securities account shall be established and maintained in an amount that represents the current estimated gain or loss on investments.(b) Changes to the allowance for unrealized gain or loss on securities account resulting from appreciation or depreciation in the value of shares or securities acquired in accordance with the provisions of this chapter shall be accounted for in accordance with standards established by the Commissioner, as the same may be amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31505
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31505. Additional or special reserves

§ 31505. Additional or special reserves|If the Commissioner determines that any reserve account is inadequate for any reason, he or she may require the establishment of such additional or special reserves as he or she deems necessary for the protection of the members. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31507
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31507. Standards

§ 31507. Standards|For purposes of this subchapter, in the absence of standards otherwise prescribed by the Commissioner, a credit union shall follow the standards established by the National Credit Union Administration (NCUA). In the event standards promulgated by the NCUA require the credit union to accumulate or maintain accounts in an amount in excess of the standard established by the Commissioner, the credit union shall accumulate and maintain such accounts in a manner sufficient to satisfy the requirements of the NCUA. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31601
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31601. Share 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.)
8 V.S.A. § 31602
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31602. Bonds and insurance

§ 31602. Bonds and insurance|(a) Every credit union authorized to do business in this State under this title shall acquire and maintain a blanket fidelity bond covering the directors, officers, employees, members of official committees, attorneys at law, and other agents with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance, and for faithful performance of duty in an amount not less than the amount prescribed by the Commissioner. The Department shall prescribe in its rules the amount of minimum bond coverage required for all credit unions according to their asset categories.(b) Every credit union authorized to do business in this State under this title shall acquire and maintain suitable insurance to protect the credit union against burglary, robbery, theft, and other insurable hazards to which the credit union may be exposed.(c) To the extent not otherwise covered by subsections (a) and (b) of this section, every credit union authorized to do business in this State under this title shall acquire and maintain such bonds and insurance to the extent the same is required by 12 C.F.R. Part 713, as amended from time to time.(d) The Commissioner may require a credit union authorized to do business in this State under this title to secure additional bonds and insurance. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31701
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31701. General application

§ 31701. General application|(a) Any corporate credit union chartered by the Commissioner shall be subject to such rules, regulations, and orders as the Commissioner deems appropriate and, except as otherwise specifically provided in such rules, regulations, or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to all Vermont state-chartered credit unions.(b) A corporate credit union shall be federally insured by the National Credit Union Administration (NCUA), or its successor, and shall be subject to such rules, regulations, and orders as the NCUA or its successor deems appropriate. In the event state laws or regulations are inconsistent with the regulations of the NCUA or its successor, the federal regulations will supersede. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31702
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31702. Organization

§ 31702. Organization|(a) Application to form a corporate credit union shall be made in writing to the Commissioner. A corporate credit union shall be organized and operated under the provisions of this part, except to the extent such provisions are not consistent with this subchapter.(b) A corporate credit union shall use the word "corporate" in its name. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31703
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31703. Membership

§ 31703. Membership|(a) Membership in the corporate credit union may consist of Vermont-chartered credit unions, any other state-chartered credit union, any federally chartered credit union, organizations or associations of credit unions, and such other organizations provided for in the articles of incorporation.(b) A member of the corporate credit union shall designate one person to be its authorized representative to attend meetings of the corporate credit union and to vote on behalf of the member. A credit union member of the corporate credit union may only designate a member of its own credit union as its authorized representative. No person may serve as the authorized representative of more than one member of the corporate credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31704
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31704. Purposes

§ 31704. Purposes|A corporate credit union is a credit union whose members consist primarily of other credit unions and whose purposes are to:  (1) accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (2) act as an intermediary for credit union funds between members and other corporate credit unions; (3) obtain liquid funds from other credit union organizations, financial intermediaries, and other sources; (4) foster and promote in cooperation with other state, regional, and national corporate credit unions and credit union organizations or associations the economic security, growth, and development of member credit unions; and (5) Perform such other financial services of benefit to its members that are authorized by the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31705
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31705. Powers

§ 31705. Powers|A corporate credit union shall enjoy the powers and privileges of any other credit union incorporated under this part in addition to those powers enumerated in this subchapter, notwithstanding any limitation or restrictions found elsewhere in this part. The Commissioner may adopt such rules and regulations concerning the establishment and operation of corporate credit unions as he or she deems necessary and proper. Subject to such regulations, a corporate credit union may:  (1) accept shares or deposits in any form from its members, from other state, regional, or national corporate credit unions, and from credit union organizations and associations; (2) make loans to its members, to other credit unions, and to other state, regional, and national corporate credit unions, organizations, and associations of credit unions; (3) establish lines of credit for members and participate with other credit unions in making loans to its members under the terms and conditions determined by the board of directors; (4) invest in the shares of or make deposits in credit unions; (5) borrow money, accept demand deposits, and issue notes or debentures; (6) acquire or sell the assets and assume the liabilities of a member; and (7) enter into agreements with credit unions to discount or purchase loans made pursuant to government-guaranteed loan programs, real estate loans made by members, or any obligations of the United States or any agency thereof held by members. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31706
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31706. Reserves

§ 31706. Reserves|Each corporate credit union shall maintain such reserves and accounts as required by the rules and regulations of the National Credit Union Administration, or its successor, as amended from time to time. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 32101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 222 - Powers|§ 32101. Applicability of chapter

§ 32101. Applicability of chapter|The provisions of this chapter set forth the powers granted to all credit unions organized pursuant to this part and offices of any state-chartered credit union authorized to do business in Vermont under this title. The powers, privileges, duties, and restrictions conferred and imposed in the articles of association of any credit union organized under the prior laws of this State are abridged, enlarged, or modified to conform the articles of association to this title. Notwithstanding anything in the articles of association of such a credit union, every such credit union possesses the powers, rights, and privileges and is subject to the duties, restrictions, and liabilities conferred and imposed by this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)