Section 14109 - Prohibited management interlocksA director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:
(1) a financial institution that is in liquidation, receivership, conservatorship or similar proceedings;(2) the Federal Reserve Bank of Boston;(3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or(4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks.Added 1999, No. 153 (Adj. Sess.), § 2, eff. 1/1/2001.