Vermont § 11402 - Internal audits

Full text of Vermont Vermont Statutes Online § 11402 — Internal audits, with citation guidance and answers to common questions.

§ 11402. Internal audits

  • (a) The governing body shall cause internal audits of the Vermont financial institution
    to be performed. The internal audit shall be reported in writing to the governing
    body at least once in six months if made by a committee of the governing body and
    at least once a year if made by a certified or registered public accountant. Any committee
    of the governing body shall consist of at least three persons. At the request of the
    Commissioner, a copy of the report shall be made available to the Commissioner. (b) Prior to declaration of any dividend or other distribution, the governing body of
    a Vermont financial institution shall determine that the institution will continue
    to meet the capital requirements under section 14104 of this title as established by the Commissioner after payment of the proposed dividend or other
    distribution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)

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Frequently Asked Questions About Vermont § 11402

What does Vermont Statutes Online § 11402 cover?

Section 11402 ("Internal audits") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Vermont § 11402?

A common citation format is "Vermont Statutes Online § 11402" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Vermont law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.

How does Vermont § 11402 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.