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.
(Cite as: 8 V.S.A. § 20106)
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§ 20106. Issuance of capital stock and debentures by reorganized savings financial institution
A mutual holding company subsidiary financial institution may issue up to 49 percent
of its voting common stock to persons other than the mutual holding company. Depositors
of a mutual holding company subsidiary financial institution at the time of commencement
of any public offering of voting common stock shall be given the opportunity to participate
in such offering in accordance with terms reasonably established by the governing
body. A mutual holding company subsidiary financial institution may issue nonvoting
stock, preferred stock, or capital debentures to the mutual holding company or to
any person other than the mutual holding company. The issuance of stock or debentures
by a mutual holding company subsidiary financial institution shall be subject to the
procedures and requirements of chapter 204 of this title; provided, however, that
the liquidation rights of any preferred shareholders shall be limited to repayment
of their original investment in such shares and any dividends earned but unpaid prior
to such liquidation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)