Ask Reggi Your Question Now
Can you summarize 8 VTST Chapter 221?
Banking and Insurance > Organization and Management of Credit Union
Short Summary
The provided legal documents cover various aspects of credit unions in Vermont. The first document governs the commencement of business by credit unions, including the requirements for obtaining a certificate of authority to commence business and the need for share deposits and insurance. The second document pertains to the bylaws and amendment of bylaws for credit unions, specifying the necessary provisions to be included and the process for amending the bylaws. The third document provides guidelines for meetings of members, including notice requirements and the purpose of special meetings. It also outlines the procedures for termination of membership. The fourth document governs the field of membership for credit unions, specifying the limitations and criteria for membership and the entities that may be included. The fifth document addresses the declaration and distribution of dividends by credit unions, including the authority to declare dividends, requirements for maintaining net worth and reserve accounts, and the establishment of an allowance for loan and lease loss account. The sixth document mandates the requirements for bonds and insurance for credit unions, including share insurance, fidelity bonds, and suitable insurance for insurable hazards. The seventh document pertains to corporate credit unions, outlining their purpose, powers, and privileges, as well as the requirements for maintaining reserves and accounts. Overall, these documents provide comprehensive guidelines and requirements for the organization, management, and operations of credit unions in Vermont.
Whom does it apply to?
Credit unions in Vermont, organizers applying for the organization of a credit union, directors, members, the Commissioner, members of corporate credit unions
What does it govern?
Commencement of business by credit unions, bylaws and amendment of bylaws, meetings of members, termination of membership, field of membership, declaration and distribution of dividends, bonds and insurance for credit unions, corporate credit unions
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
The documents do not specify penalties for non-compliance or violation of their provisions.
Jurisdiction
Vermont