Vermont § 32709 - Separate entities

Full text of Vermont Vermont Statutes Online § 32709 — Separate entities, with citation guidance and answers to common questions.

§ 32709. Separate entities

  • (a) A credit union and a CUSO shall be operated in a manner that demonstrates to the public
    the separate existence of the credit union and the CUSO. (b) At the request of the Commissioner, the credit union shall provide to the Commissioner
    a written legal opinion of counsel as to whether the CUSO is established in a manner
    that will limit potential exposure of the credit union to no more than the loss of
    funds invested in, or lent to, the CUSO. The legal opinion shall address factors that
    have led courts to “pierce the corporate veil” such as inadequate capitalization,
    lack of separate corporate identity, common boards of directors and employees, control
    of one entity over another, and lack of separate books and records. Independent legal
    counsel of the investing credit union or the CUSO may provide the legal opinion. (Added 2005, No. 16, § 1, eff. July 1, 2005.)

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Frequently Asked Questions About Vermont § 32709

What does Vermont Statutes Online § 32709 cover?

Section 32709 ("Separate entities") 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 § 32709?

A common citation format is "Vermont Statutes Online § 32709" (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 § 32709 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.