# 8 V.S.A. § 11402: Internal audits

> Vermont · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11402

## Section

- **Citation:** 8 V.S.A. § 11402
- **Heading:** Internal audits
- **Jurisdiction:** Vermont
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** VT Code / Title 8 / Chapter 201 / Section 11402

## Text

(a) The governing body shall cause internal audits of the Vermont financial institution to be performed. The internal audit shall be reported in writing to the governing body at least once in six months if made by a committee of the governing body and at least once a year if made by a certified or registered public accountant. Any committee of the governing body shall consist of at least three persons. At the request of the Commissioner, a copy of the report shall be made available to the Commissioner.

(b) Prior to declaration of any dividend or other distribution, the governing body of a Vermont financial institution shall determine that the institution will continue to meet the capital requirements under section 14104 of this title as established by the Commissioner after payment of the proposed dividend or other distribution.

## Nearby sections

- [8 V.S.A. § 11101 § 11101. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11101.md)
- [8 V.S.A. § 11201 § 11201. Business days](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11201.md)
- [8 V.S.A. § 11202 § 11202. Banking day](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11202.md)
- [8 V.S.A. § 11203 § 11203. Special hours](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11203.md)
- [8 V.S.A. § 11204 § 11204. Closing for cause](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11204.md)
- [8 V.S.A. § 11205 § 11205. Emergency closing by financial institution](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11205.md)
- [8 V.S.A. § 11301 § 11301. Preservation of records](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11301.md)
- [8 V.S.A. § 11401 § 11401. Financial reports](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11401.md)
- [8 V.S.A. § 11402 § 11402. Internal audits](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11402.md)
- [8 V.S.A. § 11403 § 11403. Periodic reports from state financial institutions with a branch, office, or activity in this State](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11403.md)
- [8 V.S.A. § 11404 § 11404. Reports required under consumer protection chapter](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11404.md)
- [8 V.S.A. § 11405 § 11405. Exemption from annual report to Secretary of State](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11405.md)
- [8 V.S.A. § 11501 § 11501. Examinations](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11501.md)
- [8 V.S.A. § 11502 § 11502. Confidentiality of investigation and examination reports](https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11502.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_VT_T8_C201_S11402. Check the current official text before relying on it. Not legal advice.