reglab/housing_qa huggingface dataset:
8 V.S.A. § 31105
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31105. Payment of share deposits

§ 31105. Payment of share deposits|(a) A credit union organized under this chapter shall not commence business until the minimum share deposits required by the order granting permission to organize have been deposited in cash to the credit of the credit union in a depository designated by the governing body. Share deposits taken as pledges pursuant to subsection 31103(c) of this title must be converted to cash and deposited to the credit of the credit union to be included in the minimum share deposit requirement of this subsection.(b) At such time as the credit union has received in cash the minimum share deposits required in section 31103 of this title, a complete list of the share depositors, with the name, address, occupation, and the amount of the share deposited by each shall be filed with the Commissioner, which list shall be verified by an officer and the secretary of the credit union. Such deposits shall be handled by the credit union in accordance with subchapter 5 of this chapter. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31106
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31106. Certificate to commence business; insurance; bond

§ 31106. Certificate to commence business; insurance; bond|(a) Upon receipt of the statement required in subsection 31105(b) of this title, the Commissioner shall cause an examination to be made to determine if the minimum share deposits have been credited to the account of the credit union, and that all requirements of this section and other provisions of law have been met.(b) Upon completion of the examination, and if it appears to the Commissioner that the whole of the required share deposits has been paid in, the Commissioner shall issue a certificate under seal authorizing the credit union to commence business, and this certificate shall be filed with the Secretary of State.(c) The certificate of authority to commence business shall be conclusive of the facts stated therein, and it shall be unlawful for any credit union to begin transacting business until a certificate of authority to commence business has been granted.(d) A credit union shall not commence business until its shares and deposits are insured by the National Credit Union Administration (NCUA) or its successor agency as required by section 31601 of this title.(e) A credit union shall not commence business until it has acquired such bonds and insurance as required by section 31602 of this title.(f) In the case of a violation of this provision, the officers and directors assenting thereto shall be personally liable for all debts incurred before the certificate is issued and filed. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31107
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31107. Failure to commence business

§ 31107. Failure to commence business|(a) The proposed credit union's certificate of approval and its right to do business shall lapse if the credit union fails to commence business as a credit union within two years after receiving a certificate of approval under section 31102 of this title.(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner may extend the period in which business shall be commenced for a period not to exceed six months upon written application by the proposed credit union setting forth the reasons for the extension, filed before the expiration of the time period established by subsection (a) of this section. The Commissioner shall notify the Secretary of State of any such extension granted by the Commissioner.(c) Upon the expiration of the time periods set forth in subsections (a) and (b) of this section, the contributors of initial share deposits of such proposed credit union shall be entitled to the return of any amounts which they have paid to the credit union, and all expenses incurred in the organization of the proposed credit union shall be borne by the original organizers who were named in the application for permission to organize. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31108
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31108. Amendment to articles of incorporation

§ 31108. Amendment to articles of incorporation|(a) The articles of incorporation, or comparable organization document as applicable to the credit union, may be amended as provided in the bylaws. Notwithstanding the provisions of the bylaws, however, written notice of the meeting and text of the proposed amendment shall be given to each director at least seven days prior to the meeting and to each member in accordance with section 31408 of this title.(b) The credit union shall file with the Commissioner within ten days after its adoption one copy of any proposed amendment. The credit union shall not amend its articles or comparable organizational document without the written approval of the Commissioner.(c) Following the Commissioner's approval of the amendment, the credit union shall submit the amendment to the Secretary of State for filing as required by Title 11B. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31201. Bylaws; amendment of bylaws

§ 31201. Bylaws; amendment of bylaws|(a) The organizers applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include at least the following:  (1) the name of the credit union, which name shall comply with the requirements of section 31202 of this title; (2) the field of membership of the credit union and the qualifications for membership; (3) the par value of shares; (4) the number of directors, supervisory committee members, and advisory directors, if applicable, the length of terms they serve, and the permissible term length of any interim director or supervisory committee member and procedures for election or appointment; (5) any qualification for eligibility to serve on the credit union's governing body or supervisory committee; (6) the frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board and supervisory committee are to be notified of meetings; (7) the powers and duties of board officers; (8) the manner in which a credit committee, credit manager, loan officer, or any combination thereof shall be responsible for the credit functions of the credit union; (9) the timing and manner of conducting the annual membership meeting and the provisions for voting; (10) the manner in which members may call a special membership meeting; (11) the manner in which members are to be notified of membership meetings; (12) the number of members constituting a quorum at a membership meeting; (13) conditions for payment on, receipt of, or withdrawal of shares and deposits; (14) provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and (15) any other provision which is not inconsistent with this chapter and such other matters as the governing board deems necessary.   (b) The bylaws may be amended as provided in the bylaws. Written notice of the meeting and text of the proposed amendment, or a summary of the proposed amendment with a notice that a copy of the proposed amendment is available upon request, shall be hand-delivered or mailed to each director at least seven business days prior to any directors' meeting to approve such amendment and shall be given to each member in the manner set forth in section 31408 of this title. Notice to a director may be given electronically if the director has specifically requested or consented to electronic notification of meetings.(c) The credit union shall file with the Commissioner, within ten days after its adoption, one copy of any proposed amendment. Any amendment to the bylaws of a credit union shall become effective only upon the written approval of the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31202. Credit union name

§ 31202. Credit union name|(a) The name of every credit union organized under this title shall include the phrase "credit union." No credit union may adopt a name either identical to the name of any other credit union or entity doing business in this state or so similar to the name of any other credit union or entity doing business in this state as to be misleading or to cause confusion.(b) No person, other than a credit union incorporated under this title, the acts of other states, the Federal Credit Union Act, an association of credit unions, or an organization or corporation, whose membership or ownership is limited to credit unions or credit union organizations, may use a name or title containing the phrase "credit union" or any derivation thereof, or may represent itself as a credit union or conduct business as a credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31301. Number and election of directors

§ 31301. Number and election of directors|(a) The governing body of a credit union shall consist of an odd number of directors, at least five in number. The initial governing body shall be elected at the organizational meeting of the credit union as provided in subsection 31103(e) of this title, and thereafter by the members of the credit union at the annual meeting.(b) Each director shall hold office for the term provided in the bylaws as long as the director is qualified to serve and until the director's successor has qualified. The term of a director may not exceed three years. A director may serve more than one term. If directors are elected for terms in excess of one year, their terms of office shall be staggered so that, insofar as possible, an equal number expires each year. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31303
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31303. Executive committee

§ 31303. Executive committee|(a) The executive committee, if one is appointed by the governing body, shall consist of an odd number of no fewer than three directors of the credit union.(b) The executive committee shall meet in accordance with section 31304 of this title and as often as necessary, and shall act for the governing body between meetings of the governing body in all other matters except for approval of policies and amendments to the organizational documents or bylaws, subject to such conditions and limitations as prescribed by the governing body.(c) The executive committee shall keep complete minutes of all of its actions, copies of which shall be submitted to the governing body at its next meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31304
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31304. Meetings of governing body

§ 31304. Meetings of governing body|(a) The governing body of a credit union shall meet as often as necessary and at least monthly, provided, that if the governing body delegates its authority to an executive committee, the executive committee shall meet during the months in which the governing body does not meet. The governing body shall meet at least six times a year, including once each quarter. The governing body and the executive committee, if appointed, shall keep complete minutes of all of their meetings, which minutes shall include the names of all persons present at each meeting. Minutes of the executive committee meetings shall be ratified by the governing board.(b) Unless the bylaws provide otherwise, the governing body may permit any and all directors to participate in all except one meeting per year of the governing body through the use of any means of communication by which all directors participating in the meeting may simultaneously hear each other and communicate during the meeting. A director participating in a meeting by this means is deemed to be present at the meeting.(c) At the meeting of the governing body following the annual meeting of members, the governing body shall elect officers of the governing board as provided in section 31305 of this title.(d) Unless a greater number is required by the bylaws, a majority of the governing body shall constitute a quorum. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the governing body unless the act of a greater number is required by this part or the bylaws of the credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31305
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31305. Officers

§ 31305. Officers|(a) At the first regularly scheduled meeting of the entire governing body at which a quorum is present following the organizational meeting and thereafter following each annual meeting, but in no event more than 30 days after such organizational meeting or annual meeting of the members, as applicable, the directors shall elect from their own number a chairperson of the governing body, and one or more vice chairpersons, a treasurer, and a secretary. Only the treasurer and the secretary may be the same individual.(b) Unless sooner removed, the terms of the officers shall be one year, or until their successors are chosen and have duly qualified.(c) The duties of the officers shall be prescribed in the bylaws.(d) The governing body shall appoint a person to act as the chief executive officer of the credit union and to be in charge of its operations.(e) A credit union may use any titles it chooses for the officials holding the positions described in this section, provided such titles are not misleading.(f) Any person elected to fill a vacancy caused by death, resignation, or removal of an officer shall be appointed by the governing body to serve for the unexpired term of such office until his or her successor is duly elected and qualified. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31307
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31307. Credit committee; credit manager

§ 31307. Credit committee; credit manager|(a) Except as provided in section 31313 of this title, the governing body may delegate, in accordance with its bylaws, all or part of its lending authority to a credit committee, a credit manager, one or more loan officers, or any combination thereof, who shall review and act on all applications for extensions of credit, or for release or substitution of collateral, in accordance with the loan policy prescribed by the governing body.(b) If the bylaws of a credit union provide for a credit committee, such committee shall consist of an odd number of three or more members of the credit union and may be appointed by the governing body or elected by the members, as provided in the bylaws.(c) No member of the credit committee shall simultaneously serve on the Supervisory Committee or on the governing body, and all such credit committee members shall be members of the credit union in good standing.(d) The credit committee, if any, shall meet as often as necessary, but at least monthly. All actions by the committee shall be by majority vote of those members present at any meeting at which a quorum is present. A majority of the credit committee shall constitute a quorum. The credit committee shall keep complete minutes of all of its meetings, including the names of those present.(e) The credit manager or loan officer shall provide to the governing body or the credit committee, if any, on at least a monthly basis, a complete listing of all applications for extensions of credit or for release or substitution of collateral that were reviewed and acted upon or, alternatively, inform the governing body that such information is available upon request.(f) A credit manager or loan officer shall not disburse the funds of the credit union for any extension of credit approved by such credit manager or loan officer.(g) An applicant for an extension of credit or release or substitution of collateral that has been disapproved by a credit manager or loan officer may appeal to the credit committee or, in the absence of a credit committee, to the governing body. In those instances where the credit committee made the initial denial of an applicant's request for an extension of credit or release or substitution of collateral, the applicant may appeal to the governing body. Any such appeal to the credit committee or the governing body, as applicable, shall be acted upon at the next regular meeting of the credit committee or governing body. If the initial denial of the loan application has not been reviewed by the credit committee or governing body, as applicable, the notice of loan denial given to the member shall include a notice that the member has a right, upon written request, to appeal the loan denial to the credit committee or the governing body, as applicable. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31308
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31308. Duties of officers, directors, and committee members

§ 31308. Duties of officers, directors, and committee members|(a) All officers, directors, and members of any committees of a credit union subject to the laws of this State under this title shall comply with the standards for such officers and directors established under Title 11B. Members of committees of credit unions shall comply with the same standards as directors.(b) All officers, directors, and members of the supervisory or credit committees of a credit union subject to the laws of this State under this title shall administer the affairs of the credit union fairly and impartially and without discrimination in favor of or against any particular member.(c) All executive officers, directors, and committee members shall comply with the conflict of interest standards established pursuant to section 31313 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2011, No. 21, § 11.)
8 V.S.A. § 31309
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31309. Oaths of office; certificate of election

§ 31309. Oaths of office; certificate of election|(a) Within ten days after election to any position, each person so elected or appointed shall execute an oath of office by which he or she agrees to accept, and diligently and faithfully to carry out, the duties and responsibilities of the position to which he or she has been elected and not negligently or willfully to violate, or permit to be violated, any provision of this title or the bylaws of the credit union.(b) The chairperson of the governing body and the secretary shall execute a certificate of election, which shall set forth the names and addresses of the officers, directors, and committee members elected or appointed.(c) The oath of office and the certificate of election shall be executed on forms prepared by the Department, and one copy of each shall be filed with the Department within 15 days after the election or appointment. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31310
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31310. Prohibited management interlocks

§ 31310. Prohibited management interlocks|(a) Except with the Commissioner's prior written approval, a director, officer, or employee of any other credit union or financial institution shall not at the same time be a director, officer, or employee of a credit union with a place of business or doing business in the State of Vermont.(b) The terms of this section shall not apply to:  (1) a credit union which is in liquidation, receivership, conservatorship, or similar proceedings; (2) a corporate credit union; (3) a credit union service organization affiliated by reason of common ownership or control of at least 25 percent of the voting interest of such affiliated credit union service organization; or (4) any other relationship otherwise permitted under guidelines or regulations of federal supervisory authorities or the Commissioner adopted from time to time, relating to management interlocks. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31312
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31312. Vacancies

§ 31312. Vacancies|A vacancy on the governing body, the supervisory committee, or any other governing-body-appointed or member-elected committee that exists due to the death, resignation, or removal of a director or committee member shall be filled by majority vote of the remaining directors, regardless of whether the remaining directors constitute a quorum. A director or committee member appointed by the governing body to fill a vacancy on a committee where the members elect the members of such committee shall hold office until the next annual meeting, at which time the members of the credit union shall vote to fill the remainder of the unexpired term. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 31314
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 221 - Organization and Management of Credit Union|§ 31314. Compensation; insurance; expenses

§ 31314. Compensation; insurance; expenses|(a) No officer of the governing body, no director, nor any committee member, other than the treasurer, may be compensated for services as such. However, providing reasonable health, accident, and similar insurance protection shall not be considered compensation.(b) A credit union may, with the approval of a majority of the governing body, provide personal liability or indemnity insurance coverage for its directors and other committee members.(c) Directors, officers of the governing body, and committee members may be reimbursed for necessary expenses incidental to the performance of official business of the credit union.(d) Notwithstanding the foregoing, directors, officers of the governing body, and committee members may be compensated for services, other than duties performed as such director, officer of the governing body, or committee member, in accordance with the conflict-of-interest provision set forth in section 31313 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)