Vermont § 30601 - Examinations

§ 30601. Examinations

• (a) The Commissioner shall conduct a regular examination of the condition of each Vermont
  credit union at least once every three years or more frequently as the Commissioner
  deems prudent. (b) The Commissioner may at any time conduct a special examination or may expand the scope
  of any regular examination. An entity examined pursuant to this subsection shall be
  responsible for examination fees and expenses as provided in sections 18 and 19 of this title. (c) The Commissioner shall be given access to all the files, books, accounts, securities,
  and assets of the credit union and any person under contract with it to perform services
  for the credit union that the Commissioner deems material to the financial condition
  of the credit union and shall be afforded every reasonable facility for making an
  examination of the affairs of the credit union and such person under contract. (d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company
  that is owned in whole or in part by a Vermont credit union or that is found by the
  Commissioner to be controlled by a Vermont credit union. (e) A report of the examination shall be forwarded to the chairperson of the credit union’s
  governing body after the completion of the examination. The report shall contain comments
  relative to the management of the affairs of the credit union and also as to the general
  condition of its assets. Within 30 days of the receipt of the report, a general meeting
  of the directors and committee members shall be called to consider matters contained
  in the report. Upon request of the credit union, a representative of the Department
  shall attend the meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)