Vermont § 30501 - Financial reports

§ 30501. Financial reports

• (a) The Commissioner shall require each credit union to submit a quarterly report of its
  condition within 30 days of the end of each calendar quarter in such manner and on
  such forms as the Commissioner may require. Reports shall be verified to be true,
  correct, and complete by the oath of the person preparing the report. (b) The Commissioner may require a credit union to file additional reports or special
  reports at such frequency and within such time periods as the Commissioner may require
  in his or her discretion. The Commissioner may require that such additional or special
  reports include such information and be in such format as the Commissioner may direct. (c) Promptly following the completion of any annual audit, any verification of member
  accounts, or any other verification or examination performed by or at the request
  of the supervisory committee, the supervisory committee shall file a copy of such
  written report with the governing body. (d) Each credit union shall forward to the Commissioner a copy of all reports required
  by the National Credit Union Administration, or any successor thereof. (e) If any report is not filed by the date it is due, a fine of not more than $100.00
  for each day the report remains in arrears may be levied against the offending credit
  union. If the report is not filed within 15 days of the due date, the Commissioner
  may, after written notice to the chief executive officer of the credit union of its
  intention to do so, suspend or revoke the certificate of approval, issue a cease and
  desist order, take possession of the business and property of the credit union, order
  its liquidation in accordance with section 36101 of this title, or take any other action permitted by law or regulation. (f) The Commissioner, in his or her discretion, may accept reports filed with other regulators
  for purposes of the requirements of this section. (Added 2005, No. 16, § 1, eff. July 1, 2005.)