The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 8 : Banking and Insurance
Chapter 207 : Merger, Share Exchange, Consolidations, and Acquisitions
Subchapter 004 : Mergers and Consolidations; Investor-Owned and Mutual Financial Institutions
(Cite as: 8 V.S.A. § 17401)-
§ 17401. Mergers and consolidations; investor-owned and mutual or cooperative financial institutions
(a) Resulting mutual or cooperative financial institution. An investor-owned financial institution may be merged into or consolidated with a mutual or cooperative financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subchapter and provided:
(1) The resulting mutual or cooperative financial institution shall comply with the requirements of subsections 17301(a), (b), (c), and (d) of this title except that the plan of merger or consolidation shall state the amount the institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the Commissioner considers appropriate.
(2) The investor-owned institution to be merged or consolidated shall comply with subsections 17201(b) through (f) of this title.
(b) Resulting investor-owned institution. Except as the Commissioner may authorize pursuant to subsection 17101(f) of this title, a mutual or cooperative financial institution may not merge into an investor-owned institution organized under the laws of this State without first converting into an investor-owned institution under section 16101 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
