reglab/housing_qa huggingface dataset:
8 V.S.A. § 13501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 203 - Organization and Management of Mutual and Cooperative Financial Institutions|§ 13501. Officers

§ 13501. Officers|(a) Election. Unless another manner for election is provided in the internal governance documents, the governing body shall elect annually from its members a chair, and from its members or otherwise, an executive officer, a secretary, a treasurer, and such other officers as it may consider advisable. The terms of officers so elected shall be for not more than one year, but such officers may be reelected and shall continue in office until their successors are elected and qualified. If any office becomes vacant during the year, the governing body may immediately fill the same for the period remaining until the next annual meeting for election of officers.(b) Compensation. The compensation of officers shall be fixed by the governing body.(c) Powers of Officers. Each officer shall have such powers as the internal governance documents may provide or as may be delegated by the governing body. In addition, an officer may exercise the powers set forth in this subsection.  (1) The chair of the governing body shall preside at all meetings of the corporators or members and the governing body, unless otherwise provided in the internal governance documents. (2) An executive officer shall preside, in the absence of a chair of the governing body, at all meetings of the corporators or members and the governing body unless otherwise provided in the internal governance documents. (3) The secretary shall exercise the following powers.  (A) The secretary shall record or cause to be recorded the proceedings and actions of all meetings of the corporators, members or governing body, and give or cause to be given all notices required by law or action of the governing body for which no other provision is made. If no person is elected to this office, the treasurer, or in his or her absence another officer of the institution designated by the directors, shall be ex officio secretary of the institution and of the directors. (B) Within 30 days after the annual meeting of the governing body for election of officers, the secretary shall file a copy of a list of officers and directors with the Commissioner, which list shall be kept on file in the Commissioner's office for public inspection. (C) The secretary, in the absence of a provision in the internal governance documents to the contrary, shall perform the functions of secretary in accordance with Title 11 or 11A.  (4) Conveyances, leases, assignments, releases, transfers of stock certificates and registered bonds, and all other written instruments authorized or required by law or vote of the directors, may be executed by an executive officer or other official authorized and empowered by the internal governance documents of the institution or by a vote of the governing body which is duly recorded in the minutes of the institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. May 24, 2000.)
8 V.S.A. § 13601
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 203 - Organization and Management of Mutual and Cooperative Financial Institutions|§ 13601. Voluntary dissolution; procedure; criteria

§ 13601. Voluntary dissolution; procedure; criteria|(a) A mutual or cooperative financial institution shall submit to the Commissioner for approval a plan of dissolution prior to filing its articles of dissolution under Title 11A. The plan shall contain the following items:  (1) pro forma financial statements that demonstrate that the financial institution will, upon dissolution, discharge, or make provision for discharging its liabilities; (2) a method to distribute all remaining assets among its depositors or members according to their interests; (3) the process of and resources dedicated to the oversight of the dissolution of the financial institution; (4) the plan to transfer to any other financial institution its deposit, loan, and trust accounts, including escheat of all remaining deposit accounts to the State of Vermont; (5) the procurement or continuation of insurance or the provision of other security as the Commissioner deems necessary; (6) an acknowledgment that, before the articles of dissolution are filed, there will be no distributions to depositors or members, without first providing for the obligations of the dissolving entity; and (7) such other information or assurances as the Commissioner may require.   (b) Upon approval of the plan, the financial institution may file its articles of dissolution with the Secretary of State under Title 11A and proceed with the dissolution as provided by law.(c) During its wind-up, a dissolved entity shall not transact any further banking business after its deposit insurance has terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14101. Applicability of chapter

§ 14101. Applicability of chapter|The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 202 and 203 of this title and branches of any state or foreign financial institution authorized under section 15202 or 15203 of this title. The powers, privileges, duties, and restrictions conferred and imposed in the organizational documents or act of incorporation of any commercial bank, savings bank, savings and loan association, bank and trust company, or trust subsidiaries, organized under the prior laws of this State are abridged, enlarged, or modified so that each such charter or act of incorporation conforms to this title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights, and privileges and is subject to the duties, restrictions, and liabilities conferred and imposed by this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14103. Advertising; doing business or using name unlawfully

§ 14103. Advertising; doing business or using name unlawfully|No person shall advertise or put forth any sign as a bank, banking association, or trust company, or in any way solicit or receive deposits or transact business as a bank, banking association, financial institution or trust company, or use the words "bank," "banking association," or "trust company" or other similar sounding word or name unless it is a financial institution reporting to and under the supervision of the Commissioner or is authorized to conduct such business in this state under federal law, or unless the Commissioner approves the activity or word or name used in writing after giving due consideration for whether the activity, word, or name will confuse or mislead the public as to the nature of the business of the entity. However, this section shall not prevent an individual, as such, from acting in a trust capacity. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14104. Capital or surplus requirements

§ 14104. Capital or surplus requirements|(a) Every Vermont financial institution shall establish and maintain adequate levels of capital or surplus pursuant to standards established by the Commissioner.(b) 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.(c) 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.)
8 V.S.A. § 14105
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14105. Participation in public agencies

§ 14105. Participation in public agencies|A financial institution has the power to participate in a public agency created under the laws of this State or of the United States, the purpose of which is to afford advantages or safeguards to financial institutions, depositors, or investors and to comply with all requirements and conditions imposed upon such participants except to the extent limited by rule or order of the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14106
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14106. Expanded powers of Vermont financial institutions

§ 14106. Expanded powers of Vermont financial institutions|In addition to all other powers permitted under these statutes, any Vermont financial institution shall have the powers conferred under federal law administered by the Federal Reserve Board, the Office of the Comptroller of the Currency, or the Office of Thrift Supervision upon national financial institutions or their subsidiaries. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14107
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14107. Investments

§ 14107. Investments|(a) A Vermont financial institution may invest its assets prudently in accordance with the best judgment of its governing body in a manner consistent with this section.(b) A Vermont financial institution may not acquire more than five percent of the equity interest of any Vermont financial institution or of a Vermont bank holding company without the prior approval of the Commissioner.(c) Notwithstanding any other provision of law to the contrary, a financial institution may invest its funds, operate a business, manage or deal in property, or take any other action over whatever period of time may reasonably be necessary to avoid loss on an investment or loan previously made or an obligation created in good faith.(d) A Vermont financial institution's governing body shall establish a written investment policy, which it shall review and ratify at least annually, that addresses, at a minimum, the following:  (1) investment quality parameters; (2) investment mix and diversification; (3) investment maturities; and (4) delegation of authority to officers and committees responsible for administering the portfolio.   (e) A Vermont financial institution shall not acquire a lien on its equity interests as collateral for any extension of credit or other obligation nor acquire title to such collateral except to prevent loss upon a loan or investment previously made or an obligation created in good faith. If a Vermont financial institution acquires such a lien upon its equity interest or acquires title to such equity interest under the exception in this subsection, it shall not permit the lien to continue for more than two years, nor shall it hold title to the equity interest for more than one year, without the consent of the Commissioner.(f) Except as otherwise provided in subsection (e) of this section, and subject to subchapter 4 of chapter 202 and subchapter 2 of chapter 203 of this title, a Vermont financial institution may repurchase or redeem its own equity interests. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14108
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14108. Prohibited mergers and acquisitions

§ 14108. Prohibited mergers and acquisitions|(a) No depository institution may by merger, consolidation, or other form of acquisition come to hold in excess of 30 percent of the total time and demand deposits held in Vermont by depository institutions. For the purposes of this section, the total deposits of a depository institution shall consist of all time and demand deposits held in Vermont by such depository institution and all of its affiliates.(b) Notwithstanding subsection (a) of this section, the commissioner may waive the deposit concentration limit set forth in subsection (a) of this section if the commissioner determines that any financial institution to be merged, consolidated, or acquired is not adequately capitalized, or is subject to a conservation, receivership, or dissolution order under this title or applicable federal law, and the waiver is otherwise in the best interest of depositors. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14109
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14109. Prohibited management interlocks

§ 14109. Prohibited management interlocks|A director or officer of a Vermont financial institution shall not at the same time be a director or officer of another financial institution engaged in the business of banking in the State of Vermont or a state contiguous to Vermont. The terms of this section shall not apply to:  (1) a financial institution which is in liquidation, receivership, conservatorship or similar proceedings; (2) the Federal Reserve Bank of Boston; (3) a financial institution affiliated by reason of common ownership or control of at least 25 percent of the voting interests of such affiliated financial institutions; or (4) any other relationship otherwise permitted under interagency guidelines or regulations of federal supervisory authorities adopted from time to time, relating to management interlocks. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14110
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14110. Duties of executive officers, directors, and persons who control principal equity interests in financial institutions; officers may not receive fees

§ 14110. Duties of executive officers, directors, and persons who control principal equity interests in financial institutions; officers may not receive fees|(a) All executive officers, directors, and holders of principal equity interest of a Vermont or state financial institution subject to the laws of this State under this title, shall comply with the standards for member banks established by Regulation O of the Federal Reserve Board, 12 C.F.R., Part 215, as amended.(b) An officer, director, or employee of a Vermont or state financial institution shall not corruptly solicit or demand for the benefit of any person, or corruptly accept or agree to accept (i) any fee, present, benefit, or commission, directly or indirectly, from a borrower or applicant for a loan or from anyone negotiating securities at the financial institution of which he or she is an officer, director, or employee; (ii) any fee, present, benefit, or commission, directly or indirectly, for signing with another as accommodation maker, surety or endorser, or for a loan made or securities bought or sold by the financial institution, except for the benefit or profit he or she may derive in common with other depositors or stockbrokers, and the compensation allowed by the financial institution, for services and expenses. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14201. Deposit powers

§ 14201. Deposit powers|(a) Applicability. This subchapter governs deposits or accounts in financial institutions.(b) General deposit powers.  (1) A financial institution may receive money on deposit and may establish the terms and conditions of each deposit contract. A financial institution may receive demand deposits subject to withdrawal or to payment upon the depositor's check, order, or other authorization. (2) At the time of opening a deposit account, a financial institution shall provide the depositor a statement containing the existing terms and conditions of the deposit contract. The statement may be set forth on the depositor's signature card. Depositors and any other owners of interests in a deposit account shall be bound by changes made by the financial institution in their deposit contracts. Financial institutions shall provide advance notice of changes in accordance with 12 U.S.C. § 4301 et seq. (3) A financial institution, in its sole discretion, may refuse deposits and at any time may return all or part of a deposit. (4) For any period during which funds are on deposit, a financial institution may pay interest.   (c) Insurance of deposits or accounts. Except as permitted by subchapter 6 of chapter 202 of this title, a Vermont financial institution that accepts deposits or a branch of a state financial institution authorized to do business in this State shall not accept deposits in this State unless the financial institution is insured by the Federal Deposit Insurance Corporation.(d) Cash reserve on deposits and accounts. A financial institution shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, as amended, and any regulations promulgated under it. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14202. Payment of deposits to administrators from another state or country

§ 14202. Payment of deposits to administrators from another state or country|(a) When a deposit is made in a financial institution by a person residing in another state or country, the deposit, or any part thereof, with the interest thereon, may be paid to the administrator or executor appointed in the state or country where the depositor resided at the time of death, provided an administrator or executor has not been appointed in this State at the time of such payment.(b) An action shall not be maintained against a financial institution for the recovery of a deposit or any part thereof, with the dividend or interest thereon, made by a person residing in another state or country who has died, payment of which has been made to the executor or administrator appointed in the state or country where the depositor resided at the time of death, before the appointment of an executor or administrator in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14203. Trust deposits; payment on death of trustee

§ 14203. Trust deposits; payment on death of trustee|When a deposit is made in a financial institution by one or more persons in trust for another, the name and residence of the person for whom the deposit is made shall be disclosed, and the deposit shall be credited to the depositor or depositors as trustee for such person. When other notice of the existence and terms of a legal trust is not given in writing to the financial institution, at the death of the trustee, or if there is more than one trustee, at the death of the surviving trustee, the deposit or any part thereof, with the interest thereon, may be paid to the person for whom the deposit was made or to his or her estate. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14204
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14204. Joint deposits

§ 14204. Joint deposits|(a) Payment. When a deposit has been made in a financial institution in the names of two or more persons, payable to any one of them, or payable to the survivors or any one of the survivors, such deposit or any part thereof, or any interest or dividend thereon may be paid to any one of such persons, whether the others are living or not, and the receipt or acquittance of the person so paid shall be a valid and sufficient release and discharge of the financial institution for any payment so made.(b) Evidence of joint deposit. The recital of the words "payable to either or to the survivor" or words of like effect in the order creating such account and signed by the person or persons who furnish the funds for such deposit shall be conclusive evidence, as between the payees and their legal representatives, of the creation of an absolute joint account. However, nothing herein shall prevent the proof of fraud, undue influence, or incapacity, to defeat such joint interests. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14206
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14206. Deposits of minors; exemption from trustee process

§ 14206. Deposits of minors; exemption from trustee process|(a) Payment. The governing body of a financial institution, in its discretion, may accept deposits from a minor and may pay to a minor such sum as is deposited to the credit of such person, and is due, as if such minor were of age. The check and receipt or acquittance of such minor shall be a full discharge for the amount for which it is given.(b) Minor's deposits exempt from trustee process. A financial institution shall not be chargeable as trustee on account of funds deposited to the credit of a minor, provided such funds are earned by or belong to such minor. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14207
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14207. Provisions when title to deposit is litigated

§ 14207. Provisions when title to deposit is litigated|(a) Multiple claims. In actions against a financial institution by one spouse to recover for moneys deposited by the other spouse in the latter's own name, the depositing spouse may be a witness. In actions against such financial institution to recover for money on deposit, if there is a person, whether married or not, claiming the same fund, who is not a party to the action, the Court, on the petition of such financial institution and on such notice as it considers proper to the plaintiff and such claimant, may order the proceedings to be amended by making such claimant a party defendant. The Court shall thereupon hear and determine the rights and interests of the parties to such action in and to such fund.(b) Litigated deposits; payment into Court; costs. The deposits which are the subject of such action may remain with such financial institution upon the same interest as other deposits of like amount, until final judgment therein, and the same shall be paid by such financial institution in accordance with the order of the Court; or the deposits may be paid into Court to await the final determination of the action. When so paid into Court, the financial institution shall no longer be a party to such action, and its liability for such deposit shall cease. The costs in such action shall be in the discretion of the Court and may be charged upon the fund affected thereby. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 14208
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 204 - Powers of Financial Institutions|§ 14208. Security for deposits

§ 14208. Security for deposits|No Vermont or state financial institution may pledge, hypothecate, or deliver any of its assets of any description whatsoever as security for a deposit of private funds, or for the purpose of indemnifying any person, as surety for the financial institution, or as surety for any other person. However, a Vermont financial institution or state financial institution may so secure a deposit to the credit of the United States, of the State of Vermont, or of any political subdivisions of the State, either directly or indirectly. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)