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Can you summarize 8 VTST 14110?
General Powers > Duties of executive officers, directors, and persons who control principal equity interests in financial institutions; officers may not receive fees
Short Summary
This legal document governs the duties of executive officers, directors, and persons who control principal equity interests in financial institutions. It applies to executive officers, directors, and holders of principal equity interest of a Vermont or state financial institution subject to the laws of this State. The document requires compliance with the standards for member banks established by Regulation O of the Federal Reserve Board. It prohibits officers, directors, or employees of a financial institution from corruptly soliciting or accepting any fee, present, benefit, or commission from borrowers, applicants for a loan, or anyone negotiating securities at the financial institution. However, officers, directors, or employees may receive compensation allowed by the financial institution for services and expenses. The document does not mention any specific penalties for non-compliance.
Whom does it apply to?
Executive officers, directors, and holders of principal equity interest of a Vermont or state financial institution subject to the laws of this State
What does it govern?
Duties of executive officers, directors, and persons who control principal equity interests in financial institutions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Vermont