The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 221 : Organization and Management of Credit Union

Subchapter 001 : ORGANIZATION AND COMMENCING BUSINESS

• § 31101. Application to organize

  (a) Application. Seven or more individuals, all of whom are within the proposed field of membership to be served by the credit union and all of whom are of legal age, may agree in writing to associate themselves for the purpose of forming a credit union pursuant to this chapter, and those persons shall be considered as the “organizers” of the applicant. The organizers shall file with the Commissioner a written application for permission to organize a credit union. The application shall contain the following:

  (1) the name by which the credit union will be known, which name shall be in compliance with the requirements of section 31202 of this title;

  (2) the purpose for which it is to be formed;

  (3) the city or town within this State where the credit union’s principal office is to be located;

  (4) the par value of the shares of the credit union, which must be at least $5.00, but not greater than $25.00;

  (5) the names, addresses, and occupations of the organizers of the credit union, together with a statement as to the character, reputation, financial responsibility, and competence of such persons;

  (6) documents that set forth the proposed credit union’s organizational structure and business plan, including:

  (A) a copy of the organizational and governing documents;

  (B) the names of the people who are to serve as the directors of the credit union until the initial meeting of the members or until their successors are elected and qualified, and the names, addresses, and occupations of the directors who will be voted on by the members at the initial meeting, together with a statement as to the character, reputation, and financial responsibility of each;

  (C) a business plan, including a three-year financial projection;

  (D) a list of the names, addresses, and official positions of the persons who are to be responsible for the conduct of the affairs of the applicant, including all members of the governing body, all members of any committees, and the executive officers; a statement as to the character, reputation, financial responsibility, and competence and experience in financial services and business of such persons, and such disclosure and conflict of interest statements as required by sections 31310 and 31313 of this title;

  (7) the proposed field of membership, specified in detail;

  (8) a survey of the demographic makeup of potential members that demonstrates that the potential members within the proposed field of membership are sufficient to support the likely success of the proposed credit union;

  (9) copies of any application filed with any other supervisory agency; and

  (10) any additional information the Commissioner may require.

  (b) Fees. At the time of making the application, the applicant shall pay to the Commissioner the charter fee required by section 30202 of this title. The Commissioner may charge the applicant for other services in accordance with section 30202.

  (c) Publication of notice. After determining that the application required by this section is complete, the Commissioner shall advise the organization or the organizers of the entity to publish any notice that will be required by the Commissioner under chapter 220, subchapter 8 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 323, eff. July 1, 2022.)