Vermont § 31304 - Meetings of governing body

§ 31304. Meetings of governing body

• (a) The governing body of a credit union shall meet as often as necessary and at least
  monthly, provided that if the governing body delegates its authority to an executive
  committee, the executive committee shall meet during the months in which the governing
  body does not meet. The governing body shall meet at least six times a year, including
  once each quarter. The governing body and the executive committee, if appointed, shall
  keep complete minutes of all of their meetings, which minutes shall include the names
  of all persons present at each meeting. Minutes of the executive committee meetings
  shall be ratified by the governing board. (b) Unless the bylaws provide otherwise, the governing body may permit any and all directors
  to participate in all except one meeting per year of the governing body through the
  use of any means of communication by which all directors participating in the meeting
  may simultaneously hear each other and communicate during the meeting. A director
  participating in a meeting by this means is deemed to be present at the meeting. (c) At the meeting of the governing body following the annual meeting of members, the
  governing body shall elect officers of the governing board as provided in section 31305 of this title. (d) Unless a greater number is required by the bylaws, a majority of the governing body
  shall constitute a quorum. The act of a majority of the directors present at a meeting
  at which a quorum is present shall be the act of the governing body unless the act
  of a greater number is required by this part or the bylaws of the credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)