1. (a) Except with the Commissioner’s prior written approval, a director, officer, or employee of any other credit union or financial institution shall not at the same time be a director, officer, or employee of a credit union with a place of business or doing business in the State of Vermont.

2. (b) The terms of this section shall not apply to:

   1. (1) a credit union that is in liquidation, receivership, conservatorship, or similar proceedings;
   2. (2) a corporate credit union;
   3. (3) a credit union service organization affiliated by reason of common ownership or control of at least 25 percent of the voting interest of such affiliated credit union service organization; or
   4. (4) any other relationship otherwise permitted under guidelines or regulations of federal supervisory authorities or the Commissioner adopted from time to time, relating to management interlocks.

(Added 2005, No. 16, § 1, eff. July 1, 2005.)