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Vermont League Adopts Resolution for 'Hostile' Takeovers, Stronger Conversion Charter

The Association of Vermont Credit Unions is the latest to adopt a resolution that supports providing protections for credit unions as "hostile" takeover targets.

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SOUTH BURLINGTON, Vt. — The Association of Vermont Credit Unions is the latest to adopt a resolution that supports providing protections for credit unions as “hostile” takeover targets.

The resolution, adopted April 19, says taking into consideration the best interests of the members, a CU’s board has the right to approve or disapprove a merger proposal. Third parties also have no right to interfere in the business operations of a CU or hinder its ability to act in the best interests of its members. Credit unions or other third parties cannot provide “inaccurate or misleading” communications to members of another CU, the resolution reads.

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