§ 12501. Voluntary dissolution; procedure; criteria
§ 12501. Voluntary dissolution; procedure; criteria (a) An investor-owned Vermont financial institution shall submit to the Commissioner for approval a plan of dissolution or wind-up prior to filing its articles of dissolution under Title 11A or winding up its business under Title 11. The plan shall contain the following items: (1) pro forma financial statements […]
§ 12601. Certain special purpose financial institutions authorized
§ 12601. Certain special purpose financial institutions authorized (a) In addition to universal financial institutions authorized under subchapters 1-5 of this chapter and under chapter 203 of this title, special purpose financial institutions may be established in this state, subject to the conditions and limitations imposed under this subchapter. (b) Any person who, directly or […]
§ 12602. Nondepository trust companies
§ 12602. Nondepository trust companies (a) A nondepository trust company has all the powers, duties, and obligations of a financial institution under this title, except as provided in this section. In the exercise of its powers and the conduct of its business, the nondepository trust company shall be subject to all the same fiduciary duties […]
§ 12603. Merchant banks
§ 12603. Merchant banks (a) A merchant bank is a financial institution organized under the provisions of this title whose activities are generally limited to lending and investing. Deposit activity is prohibited. Unless otherwise indicated in this chapter, a merchant bank has all the powers, duties, and obligations of a financial institution under this title. […]
§ 12604. Uninsured banks
§ 12604. Uninsured banks (a) An uninsured bank is a financial institution that only accepts deposits for which insurance of deposits by the FDIC is not required. For purposes of this section, uninsured banks may accept deposits from a depositor which, when added to the deposits already held for the depositor, if any, exceed the […]
§ 12101. Application
§ 12101. Application (a) Application. A corporation, limited liability company, limited partnership, limited liability partnership, or the organizers of the entity shall file with the Commissioner an application for permission to conduct business as an investor-owned financial institution. The application shall contain the following information: (1) The name by which the financial institution is to […]
§ 12102. Issuance of certificate of general good; refusal to issue certificate of general good
§ 12102. Issuance of certificate of general good; refusal to issue certificate of general good (a) Certificate of general good. The Commissioner shall determine whether or not a certificate of general good shall be granted to organize a financial institution under this chapter and shall make the decision in accordance with the requirements of chapter […]
§ 12103. Requirements to commence business; paid-in minimum capital; examination; certificate of authority
§ 12103. Requirements to commence business; paid-in minimum capital; examination; certificate of authority (a) At the time the certificate of general good is issued, the Commissioner shall issue an order granting permission to organize that shall set forth the minimum amount of paid-in capital that the financial institution will be required to have to begin […]
§ 12104. Failure to commence business
§ 12104. Failure to commence business (a) If a financial institution authorized to commence business under this chapter does not commence business within two years from the filing of its organizational documents in the Office of the Secretary of State, its right to do business shall lapse. (b) Notwithstanding the time limitation in subsection (a) […]
§ 12105. Continuance of organization
§ 12105. Continuance of organization The organizational documents shall provide for continuance of a financial institution despite the death, dissolution, departure, or incapacity of any investor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)