reglab/housing_qa huggingface dataset:
8 V.S.A. § 15101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15101. Establishment of Vermont branches

§ 15101. Establishment of Vermont branches|A Vermont financial institution shall not establish or maintain any branch in this State for the general transaction of its business without the approval of the Commissioner. The Commissioner shall approve the application for a branch under this section if the Commissioner finds that, based on an application filed under subsection 11701(b) of this title, the application meets the general good of the State as determined under section 11703 of this title. A Vermont financial institution may establish and maintain offices or facilities that do not constitute a branch, without the approval of the Commissioner; provided, however, that establishment of a remote service unit by a Vermont financial institution shall be subject to payment of the fee provided in subdivision 19(a)(6) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 15201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15201. Establishment of branches outside Vermont

§ 15201. Establishment of branches outside Vermont|(a) A Vermont financial institution may establish a branch in any state other than this State by merger, consolidation, acquisition, or as otherwise permitted by and in accordance with the laws of such host state and applicable federal financial institution laws.(b) A merger or consolidation pursuant to this section shall be in accordance with and subject to the provisions of chapter 207 of this title.(c) Not later than the date on which the required application is filed with the responsible federal supervisory agency, the applicant in the establishment of a branch under this section shall file an application on a form prescribed by the Commissioner. If the Commissioner finds that the proposed transaction will not be detrimental to the safety or soundness of the applicant and the applicant has obtained and provided the Commissioner with copies of all other required approvals, the Commissioner shall approve the application and the operation of the branch outside this State.(d) A branch of a Vermont financial institution which is located in another state may conduct any activity that is permissible for a branch in that state of a financial institution incorporated under the laws of such state. In order to engage in trust activities in an out-of-state branch, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 15203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15203. Foreign branches

§ 15203. Foreign branches|(a) A foreign bank not licensed by federal authorities to establish a federal branch in this State may transact business in this State only at a branch which is licensed by the Commissioner. The Commissioner may, upon receipt of an application of the foreign bank to establish a branch, issue a license to a foreign bank to conduct such business in compliance with the laws of this State if the Commissioner finds that:  (1) the foreign bank and its management are of good character and sound financial standing; (2) the management of the foreign bank and proposed management of the branch are adequate; (3) the convenience and needs of the persons to be served by the proposed branch will be promoted; and (4) the foreign bank satisfies such other standards as the Commissioner may establish.   (b) The application required under this section shall be on a form approved by the Commissioner and shall contain a copy of all applicable federal approvals. Except as otherwise provided in this section, subsections 15202(b) and (d) of this title, the license, application, and operations of a branch licensed under this section shall be subject to the requirements imposed on the establishment and operation of branches of financial institutions organized under the laws of this State. Except as otherwise provided in federal law, this title or by rule or order of the Commissioner, the operations of a foreign bank at a branch in this State shall be conducted with the same rights, privileges, and powers as a financial institution incorporated under the laws of this State at the same location and shall be subject to all the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the laws of the state to a financial institution incorporated under the laws of this State. The Commissioner may impose conditions or restrictions on the operations of a branch of a foreign bank in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 15204
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15204. Other activities

§ 15204. Other activities|(a) Subject to subsection (b) of this section, a financial institution having its principal office in a jurisdiction other than Vermont may maintain or conduct the following offices or activities in this State:  (1) a temporary agency; (2) an office used solely for internal operations of the institution to which the public is not admitted for the conduct of financial institution business; (3) an automated teller machine owned by other than a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts; (4) loan production; (5) foreign exchange services; or (6) any other financial institution related office or activity which the Commissioner determines may be maintained or conducted in this State.   (b) A financial institution shall obtain the Commissioner's written approval prior to maintaining any office or conducting any activity described in subsection (a) of this section. The Commissioner may condition approval on the existing availability of the activity in the State.(c) Nothing in this section shall be deemed to permit a financial institution to solicit or accept deposits, pay checks, or loan money within this State, unless it is otherwise authorized to engage in such activity in this State.(d) Notwithstanding section 14103 of this title, a financial institution authorized to engage in the activities permitted under this section may use the words "bank," "banking association," "national association," "financial institution," or "trust company" when engaged in the activities permitted under this section. A financial institution that is authorized to engage in loan production in this State, but not authorized to approve loans in this State, shall disclose in any printed material and advertising that it is engaged in loan production. The organizational name of such financial institution shall not be deceptively similar to any name in use by an authorized financial institution doing business in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), § 5, eff. Feb. 2, 2002.)
8 V.S.A. § 15205
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15205. Out-of-state activities by Vermont financial institutions

§ 15205. Out-of-state activities by Vermont financial institutions|(a) Subject to subsection (b) of this section, a Vermont financial institution may maintain or conduct the following offices or activities in another state:  (1) a temporary agency; (2) an office used solely for internal operations of the institution to which the public is not admitted for the conduct of financial institution business; (3) an automated teller machine owned by a Vermont financial institution; provided, however, that it does not accept deposits or transfer funds between accounts; (4) loan production; (5) foreign exchange services; (6) trust activities; or (7) any other financial institution-related activity that the host state determines may be maintained or conducted in such state.   (b) The Vermont financial institution shall provide the Commissioner with written evidence that the host state approved, did not object to, or otherwise allows the Vermont financial institution to maintain the office or conduct in the host state the activity described in subsection (a) of this section. In order to engage in trust activities in the host state, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title.(c) Nothing in this section shall be deemed to permit a Vermont financial institution to solicit or accept deposits, pay checks, or lend money within the host state, unless it is otherwise authorized to engage in such activity in the host state. (Added 2005, No. 36, § 6, eff. June 1, 2005.)
8 V.S.A. § 15301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 205 - Branches|§ 15301. Branch sales, closings, and change of control

§ 15301. Branch sales, closings, and change of control|(a) Sales. A Vermont financial institution that proposes to sell one or more of its branches shall file an application for a certificate of approval on a form prescribed by the Commissioner. Notwithstanding subsection 11701(b) and section 11703 of this title, the Commissioner shall approve the application upon finding that the proposed sale will not be detrimental to the safety and soundness of the applicant.(b) Closings. Any state financial institution which intends to close a branch located in this State shall provide the Commissioner with the same notice required to be provided to the appropriate federal financial institution supervisory agency pursuant to 12 U.S.C. § 1831r-1.(c) Notice of subsequent change of control. Each state financial institution that has established and maintains a branch in this State pursuant to this chapter shall give at least 30 days' prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the Commissioner of any merger, consolidation or other transaction that would cause a change of control with respect to such state financial institution or any bank holding company that controls such financial institution, with the result that an application would be required to be filed pursuant to the federal Change in Financial Institution Control Act of 1978, as amended, 12 U.S.C. § 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. § 1841 et seq., or the Home Owners Loan Act, 12 U.S.C. § 1467a or any successor statutes thereto. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 17202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 207 - Merger, Share Exchange, Consolidations, and Acquisitions|§ 17202. Merger of investor-owned institution with national financial institution

§ 17202. Merger of investor-owned institution with national financial institution|(a) Nothing contained in the law of this State restricts the right of a financial institution organized under chapter 202 of this title to merge or consolidate into a resulting national financial institution. The corporate action to be taken by the investor-owned institution and its rights and liabilities and those of its investors are the same as those prescribed in section 17201 of this title, except that approval of the Commissioner is not required.(b) Upon the effective date of the merger or consolidation, the authority of the participating investor-owned Vermont financial institution shall terminate automatically. The resulting national financial institution shall notify the Secretary of State of the termination. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 17301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 207 - Merger, Share Exchange, Consolidations, and Acquisitions|§ 17301. Mergers and consolidations; mutual or cooperative financial institutions

§ 17301. Mergers and consolidations; mutual or cooperative financial institutions|(a) General. Two or more mutual or cooperative financial institutions may merge or consolidate into one financial institution organized under chapter 203 of this title in accordance with the procedures and subject to the conditions and limitations set forth in this subchapter.(b) Adoption of plan. The governing body of each participating institution shall adopt, by a majority vote or higher if required by its organizational documents, a plan of merger or consolidation on such terms as are mutually agreed upon. The plan shall include:  (1) the names of the participating institutions and their locations; (2) with respect to the resulting institution: the name and location of its principal office, branch offices, and facilities; the name, address, and occupation of each director who is to serve until the next annual meeting of the mutual voters; the name and address of each officer; (3) the amount of capital and the manner of converting deposits, accounts, or shares of such institution into deposits, accounts, or shares of the resulting institution; (4) the amendments required to be made to the resulting institution's organizational documents; (5) a statement that the agreement is subject to approval of the Commissioner and of the eligible account holders of each participating institution; (6) the mode for carrying the plan into effect; (7) the anticipated effective date of such merger or consolidation; and (8) such other provisions and details as may be necessary to perfect the merger or consolidation or as may be required by the Commissioner.   (c) Commissioner's approval. The Commissioner shall approve the plan of merger or consolidation in accordance with subsection 17101(b) of this title.(d) Vote of mutual voters. The plan of merger or consolidation, as approved by the Commissioner, shall be submitted to the mutual voters of the participating institutions for their approval at an annual meeting, or at a special meeting called for that purpose, in accordance with the organizational documents of the institution and applicable law.(e) Executed plan; certificate; effective date. The executed plan, certificate, and effective date shall be in accordance with subsection 17101(d) of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 17401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 207 - Merger, Share Exchange, Consolidations, and Acquisitions|§ 17401. Mergers and consolidations; investor-owned and mutual or cooperative financial institutions

§ 17401. Mergers and consolidations; investor-owned and mutual or cooperative financial institutions|(a) Resulting mutual or cooperative financial institution. An investor-owned financial institution may be merged into or consolidated with a mutual or cooperative financial institution organized under the laws of this State in accordance with the procedures and subject to the conditions and limitations set forth in this subchapter and provided:  (1) The resulting mutual or cooperative financial institution shall comply with the requirements of subsections 17301(a), (b), (c), and (d) of this title except that the plan of merger or consolidation shall state the amount the institution will pay for the equity interests in the investor-owned institution to be acquired and additional information the Commissioner considers appropriate. (2) The investor-owned institution to be merged or consolidated shall comply with subsections 17201(b) through (f) of this title.   (b) Resulting investor-owned institution. Except as the Commissioner may authorize pursuant to subsection 17101(f) of this title, a mutual or cooperative financial institution may not merge into an investor-owned institution organized under the laws of this State without first converting into an investor-owned institution under section 16101 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 18201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 208 - Effect of Merger, Share Exchange, Consolidation, Conversion, or Acquisition; Nonconforming Activities|§ 18201. Nonconforming activities; cessation

§ 18201. Nonconforming activities; cessation|(a) Applicability. If, as a result of a merger, consolidation, conversion, or acquisition pursuant to this title, the resulting institution is to be of a different type or of a different character than any one or all of the participating or converting institutions, such resulting institution shall be subject to the conditions and limitations as set forth in this subchapter.(b) Plan for termination. The plan of merger, consolidation, conversion, or acquisition shall set forth the method and schedule for terminating those activities not permitted by the laws of this State for the resulting institution, but which were authorized for any of the participating or converting institutions.(c) Effective date. The plan of merger, consolidation, conversion, or acquisition shall state that from the effective date of such action, the resulting institution shall not engage in any nonconforming activities, except to the extent necessary to fulfill obligations existing prior to merger, consolidation, conversion, or acquisition, pursuant to subsection (d) of this section.(d) Compliance with limitations. If, as a result of such merger, consolidation, conversion, or acquisition, the resulting institution exceeds any lending, investment, or other limitations imposed by this title, it shall conform to such limitations within such period of time as shall be established by the Commissioner.(e) Divestiture. The Commissioner may, as a condition to such merger, consolidation, conversion, or acquisition, require a nonconforming activity to be divested in accordance with such additional requirements as he or she may deem appropriate under the circumstances. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19101. Applicability to Vermont financial institutions; independent trust companies; state financial institutions

§ 19101. Applicability to Vermont financial institutions; independent trust companies; state financial institutions|(a) The provisions of subchapters 1 through 4 of this chapter apply to Vermont financial institutions. The provisions of subchapters 2, 3, and 4 of this chapter shall also apply to independent trust companies organized and regulated under chapter 77 of this title as if they were financial institutions.(b) The provisions of subchapter 5 of this chapter shall apply to state financial institutions doing business in this State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19102
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19102. Governor's proclamation

§ 19102. Governor's proclamation|Whenever it appears to the Governor that the public welfare and the equal protection of depositors in Vermont financial institutions doing business in this State require it, he or she may proclaim such bank holidays as in his or her judgment are necessary. Those holidays, except as otherwise provided in the proclamation, shall not be considered as business days for the transaction of all banking business, including the demand or payment of deposits, and shall have the incidents of a legal holiday for the purposes specified in 9A V.S.A. Article 3. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19103. Business restricted

§ 19103. Business restricted|During holidays and subject to the provisions of the proclamation, the Commissioner, in addition to all other powers conferred by law, may order any Vermont financial institution to restrict all or any part of its business, and to limit or postpone for any length of time the payment of any amount or proportion of the deposits in savings, commercial, or any other department thereof, separate and distinct from the other, as the Commissioner may deem necessary or expedient and may regulate further payments therefrom as to time and amount, as the interest of the public or the financial institution or the depositors thereof may require. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19104
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19104. Restrictions continued after holidays

§ 19104. Restrictions continued after holidays|After those holidays, the order may be continued in effect as to any particular financial institution if, in the opinion of the Commissioner, circumstances warrant or require the continuance and the Governor approves. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19105
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19105. Orders as to deposits and debts due financial institution

§ 19105. Orders as to deposits and debts due financial institution|During those holidays and so long thereafter as the Governor approves, the Commissioner may issue such orders as to the receipt and payment of deposits by, and the creation and discharge of debts and obligations to or from a Vermont financial institution under the Commissioner's supervision, as the Commissioner may deem necessary for the protection and preservation of the public safety and convenience or the equal protection of those Vermont financial institution's depositors in view of then existing banking, business, or other pertinent conditions. Those orders may apply to any Vermont financial institution, as may be necessary for those purposes; and the orders may restrict or regulate all business or any part of the business of a financial institution affected thereby, including the time or manner or medium of payment, or limitations on the amount or percentages of payment of deposits or of debts or obligations, or the investment or the loaning of money, or the approval and acceptance of security for new loans. The orders may classify financial institutions or departments thereof or deposits or assets and liabilities and may vary with the different classes, as may be required for fulfilling the purposes of this section and sections 19102 through 19104 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19106
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19106. Withdrawals, rateable share of depositor's interest

§ 19106. Withdrawals, rateable share of depositor's interest|While restrictions are in force on the withdrawal of the deposits in a Vermont mutual or cooperative financial institution, except those imposed by the financial institution under the provisions of its internal governance documents, withdrawals shall be counted as a part of the rateable share of the withdrawing depositor's interest in the assets of a mutual or cooperative financial institution to which he or she was entitled at the time the restrictions were imposed if final liquidation of the financial institution takes place before all those restrictions are removed. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19107
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19107. Publication of orders

§ 19107. Publication of orders|Orders under sections 19103 through 19106 of this title may be promulgated and notice thereof given in such manner as the Commissioner determines and may be amended, modified, changed, expanded, or revoked in whole or in part whenever in his or her judgment circumstances warrant or require. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)