The Vermont Statutes Online
Banking and Insurance
ORGANIZATION AND MANAGEMENT OF CREDIT UNION
ORGANIZATION AND COMMENCING BUSINESS
31102. Issuance of certificate of approval; refusal to issue certificate of
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.
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,