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.
Subchapter
001
:
ORGANIZATION AND COMMENCING BUSINESS
(Cite as: 8 V.S.A. § 12104)
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§ 12104. Failure to commence business
(a) If a financial institution authorized to commence business under this chapter does
not commence business within two years from the filing of its organizational documents
in the Office of the Secretary of State, its right to do business shall lapse.
(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner
may extend the period in which business shall be commenced for a period not to exceed
six months upon written application by the institution setting forth the reasons for
the extension filed before the expiration of the time period established in subsection
(a) of this section. If an extension is granted by the Commissioner, the Commissioner
shall notify the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)