Vermont Statutes Title 8 Sec. 4495
Terms Used In Vermont Statutes Title 8 Sec. 4495
- Commissioner: means the Commissioner of Financial Regulation. See
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Society: means a fraternal benefit society. See
§ 4495. Examination of domestic societies
The Commissioner of Financial Regulation, or any person he or she may appoint, shall have the power of visitation and examination into the affairs of any domestic society, and he or she shall make the examination at least once in every three years. He or she may employ assistants for the purpose of the examination, and he or she, or any person he or she may appoint, shall have free access to all books, papers, and documents that relate to the business of the society. The minutes of the proceedings of the supreme legislative or governing body and of the board of directors or corresponding body of a society shall be in the English language. In making an examination, the Commissioner of Financial Regulation may summon and qualify as witnesses under oath and examine its officers, agents, and employees or other persons in relation to the affairs, transactions, and condition of the society. A summary of the report of the Commissioner of Financial Regulation and such recommendations or statements of the Commissioner of Financial Regulation as may accompany the report, shall be read at the first meeting of the board of directors or corresponding body of the society following the receipt thereof and, if directed so to do by the Commissioner of Financial Regulation, shall also be read at the first meeting of the supreme legislative or governing body of the society following the receipt thereof. A copy of the report, recommendations, and statements of the Commissioner of Financial Regulation shall be furnished by the society to each member of the board of directors or other governing body. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the Commissioner of Financial Regulation. (Added 1959, No. 197, § 35, eff. Nov. 22, 1959; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)