Vermont § 14109 Prohibited management interlocks

Vermont Statutes

§ 14109 — Prohibited management interlocks

Vermont § 14109

Title 8Title 8: Banking and Insurance

Ch. 204Chapter 204: Powers of Financial Institutions

This text of Vermont § 14109 (Prohibited management interlocks) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 14109 (2026).

Text

A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:

(1)a financial institution that is in liquidation, receivership, conservatorship or similar proceedings;

(2)the Federal Reserve Bank of Boston;

(3)a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or

(4)any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks. (Added 1999,

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A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:
(1) a financial institution that is in liquidation, receivership, conservatorship or similar proceedings;
(2) the Federal Reserve Bank of Boston;
(3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or
(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)