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. § 13106)
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§ 13106. Certificate to commence business
(a) Upon receipt of the statement required in section 13105 of this title, the Commissioner shall cause an examination to be made to determine if the minimum
capital deposits have been credited to the account of the institution and that all
requirements of this section and other provisions of law have been met.
(b) Upon completion of the examination, and if it appears to the Commissioner that the
whole of the required capital deposits has been paid in, the Commissioner shall issue
a certificate under seal authorizing the financial institution to commence business,
and this certificate shall be filed with the Secretary of State. In the case of a
violation of this provision, the officers and directors assenting to the activity
shall be personally liable for all debts incurred before the certificate is issued
and filed. Such certificate shall be conclusive of the facts stated in the certificate
and it shall be unlawful for any such mutual or cooperative financial institution
to begin transacting business until such a certificate has been granted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 291, eff. July 1, 2022.)