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
004
:
MERGERS AND CONSOLIDATIONS; INVESTOR-OWNED AND MUTUAL FINANCIAL INSTITUTIONS
(Cite as: 8 V.S.A. § 17401)
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§ 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.)