Vt. Stat. Ann. tit. 8, § 14104
Capital or surplus requirements
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) Every Vermont financial institution shall establish and maintain adequate levels of capital or surplus pursuant to standards established by the Commissioner.
(1) Every Vermont financial institution shall establish and maintain adequate levels of capital or surplus pursuant to standards established by the Commissioner.
(2) Any issuance considered as capital under subsection (a) of this section shall be submitted to the Commissioner for review and approval at least 10 days prior to issuance and include such documentation as the Commissioner deems necessary.
(2) Any issuance considered as capital under subsection (a) of this section shall be submitted to the Commissioner for review and approval at least 10 days prior to issuance and include such documentation as the Commissioner deems necessary.
(3) Notwithstanding the provisions of subsections (a) and (b) of this section, the Commissioner may permit the formation of a Vermont financial institution without capital or surplus to be merged with or into or consolidated with an existing financial institution for the purpose of facilitating a reorganization or acquisition transaction, including a triangular merger transaction, involving such existing financial institution. Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.
(3) Notwithstanding the provisions of subsections (a) and (b) of this section, the Commissioner may permit the formation of a Vermont financial institution without capital or surplus to be merged with or into or consolidated with an existing financial institution for the purpose of facilitating a reorganization or acquisition transaction, including a triangular merger transaction, involving such existing financial institution.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.