The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 8 V.S.A. § 2406)
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§ 2406. Reciprocity
(a) An independent trust company organized under the laws of a jurisdiction other than
Vermont shall be authorized to engage in a trust business in this State, to the same
extent and under the same conditions that an independent trust company formed in this
State may operate in such other jurisdiction. The independent trust company organized
under the laws of a jurisdiction other than Vermont must obtain the Commissioner’s
written authorization before it may engage in a trust business in this State.
(b) For purposes of this section, an independent trust company organized under the laws
of a jurisdiction other than Vermont shall mean an entity that is organized and regulated
in a manner that is substantially similar to an independent trust company formed under
this chapter by whatever name, but which is not a financial institution within the
meaning of subdivision 11101(32) of this title. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 21, eff. Jan. 1, 2001.)