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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 203 : ORGANIZATION AND MANAGEMENT OF MUTUAL AND COOPERATIVE FINANCIAL INSTITUTIONS

Subchapter 001 : Organization and Commencing Business

(Cite as: 8 V.S.A. § 13105)
  • § 13105. Payment of capital deposits

    (a) A financial institution organized under this chapter shall not commence business until the minimum capital deposits required in its permission to organize have been deposited to the credit of the financial institution in a depository designated by the governing body.

    (b) At such time as the institution has received to its credit the minimum capital deposits required in section 13103 of this title, a complete list of the capital depositors, with the name, address, occupation, and the amount of capital deposited by each shall be filed with the Commissioner, which list shall be verified by an officer and the secretary of the institution. Such deposits shall be handled by the institution in accordance with subchapter 2 of this chapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)