§ 34102. Merger of Vermont credit union with federal credit union
§ 34102. Merger of Vermont credit union with federal credit union (a) Nothing contained in the law of this State restricts the right of a credit union organized under this title to merge into a continuing federal credit union. The corporate action to be taken by the Vermont credit union and its rights and liabilities […]
§ 34103. Effect of merger or conversion
§ 34103. Effect of merger or conversion (a) Applicability. From and after the effective date of a merger or conversion, under chapter 224 or 225 of this title, the continuing credit union may conduct business in accordance with the terms of the plan as approved and in accordance with this chapter. (b) Continuing entity. Whenever […]
§ 34104. Nonconforming activities; cessation
§ 34104. Nonconforming activities; cessation (a) Applicability. If, as a result of a merger or conversion pursuant to this title, the continuing credit union is to be of a different type or of a different character than any one or all of the participating or converting institutions, such continuing credit union shall be subject to […]
§ 35101. Conversions
§ 35101. Conversions (a) General. The provisions of this chapter shall apply whenever a federal credit union seeks to convert to a Vermont credit union or whenever a Vermont credit union seeks to convert to a federal credit union; provided, however, that conversion from a Vermont credit union to a federal credit union shall be […]
§ 35102. Conversion of a credit union to a mutual financial institution or a cooperative financial institution
§ 35102. Conversion of a credit union to a mutual financial institution or a cooperative financial institution (a) In addition to the provisions of chapter 206 of this title, a credit union may convert to a mutual or cooperative financial institution if all of the following are met: (1) At least 30 days before the […]
§ 35103. Conversion of a mutual financial institution or a cooperative financial institution to a credit union
§ 35103. Conversion of a mutual financial institution or a cooperative financial institution to a credit union Chapter 206 of this title shall govern the conversion of a mutual financial institution or a cooperative financial institution to a credit union. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
§ 36101. Suspension, voluntary liquidation, and involuntary liquidation
§ 36101. Suspension, voluntary liquidation, and involuntary liquidation (a) Suspension. If it appears that any credit union is bankrupt or insolvent or that it has willfully violated this chapter or is operating in an unsafe or unsound manner, the Commissioner shall issue an order temporarily suspending the credit union’s operations for not more than 60 […]
§ 36102. Involuntary merger of credit union
§ 36102. Involuntary merger of credit union (a) Notwithstanding any other provision of law, the Commissioner may initiate the involuntary merger of a credit union which is insolvent or is in danger of insolvency or is operating in an unsafe or unsound manner with any other credit union or may authorize a credit union to […]
§ 36103. Conservatorship
§ 36103. Conservatorship (a) The Commissioner may, ex parte without notice, appoint himself or herself or an insuring organization or any other person as conservator and immediately take possession and control of the business and assets of any credit union in any case in which: (1) The Commissioner determines that such action is necessary to […]
§ 36104. Appointment of director and managing officers of troubled credit unions
§ 36104. Appointment of director and managing officers of troubled credit unions The Commissioner shall approve any director elected or appointed to serve on the governing body and any person appointed as the managing officer of a troubled credit union, before the director or officer takes office. As used in this section, “troubled credit union” […]