§31102. Issuance of certificate of approval; refusal to issue certificate of approval

Link to law: http://legislature.vermont.gov/statutes/section/08/221/31102
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

221

:
ORGANIZATION AND MANAGEMENT OF CREDIT UNION






Subchapter

001
:
ORGANIZATION AND COMMENCING BUSINESS










 

§

31102. Issuance of certificate of approval; refusal to issue certificate of

approval

(a) Certificate

of approval. The Commissioner shall determine whether a certificate of approval

shall be granted to organize a credit union and shall make the decision in

accordance with the requirements of subchapter 8 of chapter 220 of this title.

(b) Conditions.

A grant of a certificate of approval may include such terms and conditions as

the Commissioner determines necessary. These may include conditions regarding the

organizational form of the credit union under this chapter.

(c) Effect of

refusal to issue certificate of approval. If the Commissioner refuses to issue

a certificate of approval, the organizers may file a new application after one

year from the date of the refusal. (Added 2005, No. 16, § 1, eff. July 1,

2005.)
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