Vermont § 31302 - Duties of governing body The governing body shall have authority for the general management of the credit union and, among other things, the governing body shall:

§ 31302. Duties of governing body The governing body shall have authority for the general management of the credit union and, among other things, the governing body shall:

• (1) have the authority and responsibility for directing the operations, funds, and records
  of the credit union; (2) act upon applications for membership or appoint an executive committee, a membership
  committee, or one or more membership officers from among the members of the credit
  union, other than the treasurer, an assistant treasurer, the chief executive officer,
  an assistant chief executive officer, or a loan officer, who may be authorized by
  the governing body to approve applications for membership under such conditions as
  the governing body may prescribe; except that the membership committee or membership
  officers so authorized shall submit to the governing body or to the executive committee,
  if applicable, at each monthly meeting a list of approved or pending applications
  for membership received since the previous monthly meeting, together with such other
  related information as the bylaws or the governing body may require; (3) provide a blanket fidelity bond covering the directors, officers, employees, members
  of official committees, attorneys at law, and other agents as required by subsection 31602