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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










 

§

13106. Certificate to commence business

(a) Upon receipt

of the statement required in section 13105 of this title, the Commissioner

shall cause an examination to be made to determine if the minimum capital

deposits have been credited to the account of the institution and that all

requirements of this section and other provisions of law have been met.

(b) Upon

completion of the examination, and if it appears to the Commissioner that the

whole of the required capital deposits has been paid in, the Commissioner shall

issue a certificate under seal authorizing the financial institution to

commence business, and this certificate shall be filed with the Secretary of

State. In the case of a violation of this provision, the officers and directors

assenting thereto shall be personally liable for all debts incurred before the

certificate is issued and filed. Such certificate shall be conclusive of the

facts stated therein and it shall be unlawful for any such mutual or

cooperative financial institution to begin transacting business until such a

certificate has been granted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan.

1, 2001.)