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. § 31107)
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§ 31107. Failure to commence business
(a) The proposed credit union’s certificate of approval and its right to do business shall
lapse if the credit union fails to commence business as a credit union within two
years after receiving a certificate of approval under section 31102 of this title.
(b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner
may extend the period in which business shall be commenced for a period not to exceed
six months upon written application by the proposed credit union setting forth the
reasons for the extension, filed before the expiration of the time period established
by subsection (a) of this section. The Commissioner shall notify the Secretary of
State of any such extension granted by the Commissioner.
(c) Upon the expiration of the time periods set forth in subsections (a) and (b) of this
section, the contributors of initial share deposits of such proposed credit union
shall be entitled to the return of any amounts that they have paid to the credit union,
and all expenses incurred in the organization of the proposed credit union shall be
borne by the original organizers who were named in the application for permission
to organize. (Added 2005, No. 16, § 1, eff. July 1, 2005.)