§ 19408. Petition denied; receiver to wind up affairs
§ 19408. Petition denied; receiver to wind up affairs If the petition is denied, the Commissioner shall apply for a receiver to wind up the affairs of the financial institution, as provided in sections 19301 through 19315 of this title. In that case, the deposits, if any, received after petition filed and the resulting assets […]
§ 19501. Petition; powers; procedure
§ 19501. Petition; powers; procedure (a) The Commissioner may apply to the Superior Court of Washington County to be appointed ancillary receiver of a state financial institution or any branch or subsidiary of a state financial institution in hazardous financial condition, if the Commissioner finds that: (1) the protection of customers or depositors in this […]
§ 20101. Reorganization of a mutual or cooperative financial institution as a mutual holding company
§ 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
§ 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
§ 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
§ 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
§ 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
§ 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 […]
§ 30101. Definitions
§ 30101. Definitions As used in this part: (1) “Chief executive officer” means the person appointed by the governing body to be in charge of the operations of the credit union, regardless of the title given to such person. (2) “Commissioner” means the Commissioner of Financial Regulation. (3) “Community development credit union” means a credit […]
§ 30201. Administration
§ 30201. Administration Any state-chartered credit union organized or operating in Vermont shall be under the supervision of the Commissioner of Financial Regulation. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)