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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

203

:
ORGANIZATION AND MANAGEMENT OF MUTUAL AND COOPERATIVE FINANCIAL INSTITUTIONS






Subchapter

001
:
ORGANIZATION AND COMMENCING BUSINESS










 

§

13104. Submission to Secretary of State

Following the

meeting required under subdivision 13103(e)(1) of this title and approval by

the Commissioner under subdivision 13103(e)(5) of this title, the directors so

elected shall submit to the Secretary of State an attested copy of each of the

institution's organizational documents required by Title 11 or 11A, as the case

may be. The Secretary of State shall determine whether such organizational

documents satisfy the requirements of Title 11 or 11A. If such requirements are

met, the Secretary of State shall file the organizational documents according

to the provisions of law. The filing of the organizational documents by the

Secretary of State shall not authorize the transaction of business by the

financial institution until all conditions of this subchapter are satisfied.

(Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)