§ 20101. Reorganization of a mutual or cooperative financial institution as a mutual holding company A Vermont mutual or cooperative financial institution may reorganize, under a plan of reorganization adopted by the financial institution and submitted to and approved by the Commissioner as provided in this chapter, as a mutual holding company owning an investor-owned […]
§ 20102. Procedure for adopting a plan of reorganization (a) Plan of reorganization. he plan of reorganization pursuant to which the reorganization is to be carried out, and the proposed amended organizational documents, shall be approved by the governing body of the mutual or cooperative financial institution by resolution adopted by two-thirds of the whole […]
§ 20103. Retention of capital assets at holding company level With the approval of the Commissioner, the plan of reorganization of a mutual or cooperative financial institution may provide for the retention of capital assets at the mutual holding company level, provided such retention will not cause the mutual holding company subsidiary financial institution to […]
§ 20104. Effect of reorganization; ownership and governance (a)(1) The organizational existence of the reorganizing mutual or cooperative financial institution shall not terminate, and the mutual holding company resulting from the reorganization shall be deemed to be a continuation of the entity of such financial institution, not as a depository institution but as a financial […]
§ 20105. Chartering of mutual holding company subsidiary financial institution (a) Procedures. The procedures for the organization of a mutual holding company subsidiary financial institution shall be as prescribed in chapter 202 of this title, except that: (1) A majority of the governing body of the reorganizing mutual or cooperative financial institution may serve as […]
§ 20106. Issuance of capital stock and debentures by reorganized savings financial institution A mutual holding company subsidiary financial institution may issue up to 49 percent of its voting common stock to persons other than the mutual holding company. Depositors of a mutual holding company subsidiary financial institution at the time of commencement of any […]
