Vermont Statutes Title 8 Sec. 3469
Terms Used In Vermont Statutes Title 8 Sec. 3469
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
§ 3469. Loans to directors and officers—Restrictions
No domestic insurer shall invest in or loan upon any property, directly or indirectly, whether real or personal, in which any officer or director of such insurer has a financial interest, nor shall any such insurer make a loan of any kind to any officer or director of such insurer unless such officer or director neither participates in, nor votes at any management decision or meeting regarding such loan. This section shall not apply to policy loans or first mortgage loans on dwellings of not more than two families to be occupied by such officer as a residence, nor in circumstances where the financial interest of such officer or director is only nominal, trifling, or so remote as not to give rise to a conflict of interest. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 5, art. 3, § 5).)