reglab/housing_qa huggingface dataset:
8 V.S.A. § 19402
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19402. Petitioning Court for hearing; notice; hearing; approval of plan

§ 19402. Petitioning Court for hearing; notice; hearing; approval of plan|(a) Upon receiving the approval of the plan by the Commissioner, the committee or the Commissioner may petition the Superior Court of Washington County, setting forth the details of the plan which has been agreed upon and requesting the court to set a day for hearing thereon. Thereupon the Court shall make an order fixing a day for the hearing of the petition, notice of which shall be given to the depositors and the holders of equity interests in the financial institution by publication once in each week for not less than two successive weeks immediately preceding the date of hearing in some newspaper printed in the county where the financial institution's principal place of business is located, or in such other newspaper, having a general circulation in the county, as the Court may direct and by posting a copy of the notice upon the front door of the financial institution.(b) The Court may adjourn the hearing from time to time and no further notice shall be required. At the date of hearing, or any adjournment thereof, the Court shall take testimony, and if it appears that it is for the best interests of the depositors that the plan be approved, the Court may make an order approving the same and fixing the terms and conditions upon which the receivership may be terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19403
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19403. Depositor's objection to plan; receivership continued

§ 19403. Depositor's objection to plan; receivership continued|If any of the depositors of the Vermont financial institution file written objections to the approval of the plan and refuse to consent thereto, the Court at the hearing may direct the receiver to set aside assets of each class of the receivership, in such amounts and character as the Court finds to be just and equitable. Upon such terms as may be just and equitable, the Court shall continue the receivership as to those assets and those depositors, and direct the receiver to turn over the remainder of the assets of the financial institution in his or her hands to the new or reorganized financial institution when directed so to do by the Commissioner, and discharge the receiver from further liability in relation thereto. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19404
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19404. Deposits of public money

§ 19404. Deposits of public money|If, in any financial institution referred to in section 19401 of this title, there are deposits of public money belonging to the State or any political subdivision thereof, the State Treasurer, if the deposit belongs to the State, and the Treasurer of any political subdivision thereof, by and with the consent of the governing body of the political subdivision to which any such deposit may belong, may join with other depositors of the financial institution in a plan for the reopening or reorganizing thereof or the establishment of a new financial institution, or the restricting of the withdrawal of deposits and for that purpose may bind the State or political subdivision thereof after being duly authorized so to do as herein provided, to limit withdrawals from that deposit over a period of time and in accordance with the plan as may have been agreed to by the other depositors of the financial institution joining in the plan. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19405
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19405. Deposits not paid or received; business continued

§ 19405. Deposits not paid or received; business continued|When a proceeding has been brought under section 19401 of this title, a deposit shall not be paid or received by that financial institution after the filing of the petition until the final decree of the Superior judge or, unless the Commissioner, in his or her discretion, and under such orders as the Commissioner may prescribe and from time to time alter and amend, permits the financial institution to continue in business pending final decree. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19406
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19406. Orders under which financial institution may continue business

§ 19406. Orders under which financial institution may continue business|Those orders shall provide that deposits received after the petition is filed and before the final decree shall be kept in cash or invested in such liquid securities as the Commissioner shall approve and segregated from the prior assets of the financial institution and shall constitute a fund for the repayment in full of deposits made after the filing of the petition. Those orders shall further provide that no withdrawal of prior deposits may be permitted except on such notice and to such specified amounts and in such specified percentage as the Commissioner determines clearly will not result in a preference. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19407
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 19407. Expenses; deposits received after petition filed

§ 19407. Expenses; deposits received after petition filed|The expense of operation between filing of the petition and final decree shall be apportioned between the original assets and the new assets in such manner as the Superior judge may deem just. The deposits received between the filing of the petition and the final decree shall not be reduced by the decree except only to meet those expenses of operation, if any, or losses incurred with respect to those segregated assets. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19408
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 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 assets resulting therefrom shall be administered separately from the other assets and liabilities, and those assets shall be distributed to the depositors by the receiver as soon as possible after his or her appointment and without deduction on account of the expense of the receivership except as provided in section 19407 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 19501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 209 - Conservation, Liquidation, and Insolvency|§ 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 State so requires; (2) there are sufficient assets of the state financial institution located in this State to justify the appointment of an ancillary receiver; and (3) the Federal Deposit Insurance Corporation has not been appointed receiver of the entity.   (b) The Court may issue an order appointing the Commissioner on whatever terms it shall deem appropriate. The Commissioner, as receiver, shall administer or liquidate the assets and deposits of such financial institution found in this State under the provisions of this chapter as though the entity were a Vermont financial institution.(c) If a person in the home state of the entity or the Federal Deposit Insurance Corporation is appointed receiver subsequent to the appointment of the Commissioner under subsections (a) and (b) of this section, the Commissioner shall notify the Superior Court. The Court may release the Commissioner as receiver if the Court finds that the interests of Vermont customers or depositors of the entity are adequately protected in the proceedings in the home state of the entity. The Court may impose conditions on the entity to assure protection of its Vermont customers or depositors.(d) The filing or recording of the order with the Superior Court of Washington County or the town clerk of the town in which its principal office or place of business is located; or, in the case of real estate, with the town clerk of the town where the property is located, and such filing or recording shall impart the same notice that a deed, bill of sale, or other evidence of title duly filed or recorded with that town clerk would have imparted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 20101
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 210 - Mutual or Cooperative Holding Company|§ 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 mutual holding company subsidiary financial institution in the following manner:  (1) By taking or causing to be taken the following actions:  (A) organizing a mutual holding company subsidiary financial institution in accordance with the procedures in section 20102 and chapter 202 of this title, the voting common stock or other ownership interest of which will be owned by the mutual holding company emerging from the reorganization, except otherwise permitted in section 20106 of this title; (B) transferring to the mutual holding company subsidiary financial institution the substantial part of its assets and liabilities, including all of its insured liabilities, in exchange for voting common stock or other ownership interest of the mutual holding company subsidiary financial institution; and (C) adopting amended and restated organizational documents changing its name, and conforming its organization, governance, and powers to those prescribed for a mutual holding company by section 20104 of this title; or  (2) Pursuant to any other form of restructuring approved by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 20103
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 210 - Mutual or Cooperative Holding Company|§ 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 fail to meet any applicable capital adequacy requirement prescribed by state or federal laws or regulations. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 20105
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 210 - Mutual or Cooperative Holding Company|§ 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 the incorporators of the mutual holding company subsidiary financial institution being formed and as the petitioners seeking approval of its incorporation. (2) The initial capital requirement of section 12103 of this title shall not apply prior to the effective date of the reorganization. (3) If the Commissioner grants the petition under 12102 of this title, he or she shall condition such approval upon the transfer by the reorganizing mutual or cooperative financial institution to the mutual holding company subsidiary financial institution (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the Commissioner, such that the mutual holding company subsidiary financial institution will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by state or federal statutes or regulations.   (b) Filing of amended charter. Contemporaneously with consummation of the reorganization, duplicate originals of the amended and restated charter adopted by the mutual or cooperative financial institution under section 20102 of this title, governing the continuing entity as a mutual holding company, shall be filed in the Office of the Secretary of State. The amended and restated charter of the continuing entity as a mutual holding company shall take effect as of the date of the filing of such duplicate originals in the Office of the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 20106
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 210 - Mutual or Cooperative Holding Company|§ 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 public offering of voting common stock shall be given the opportunity to participate in such offering in accordance with terms reasonably established by the governing body. A mutual holding company subsidiary financial institution may issue nonvoting stock, preferred stock, or capital debentures to the mutual holding company or to any person other than the mutual holding company. The issuance of stock or debentures by a mutual holding company subsidiary financial institution shall be subject to the procedures and requirements of chapter 204 of this title; provided, however, that the liquidation rights of any preferred shareholders shall be limited to repayment of their original investment in such shares and any dividends earned but unpaid prior to such liquidation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
8 V.S.A. § 30201
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 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.)
8 V.S.A. § 30202
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30202. Fees and Department expenses

§ 30202. Fees and Department expenses|The provisions of sections 18 and 19 of this title shall apply to credit unions in the same manner as they apply to financial institutions. Except for fees related to the formation of a credit union, formation of a credit union service organization, and formation of a corporate credit union, credit unions with less than $30 million in assets shall not be charged more than $100.00 per service for the services described in subsection 19(a) of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30203
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30203. Rules and regulations

§ 30203. Rules and regulations|The Commissioner may adopt rules and regulations as may be necessary for the proper conduct of credit unions organized or operating under chapters 220-226 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30301
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30301. Office hours

§ 30301. Office hours|(a) A credit union shall establish the days and hours its offices are open for business. The credit union's governing body is responsible for determining the scope of operations of each office, including the services to be provided and the days and hours of operation.(b) A credit union shall post the days and hours of operation at or near the public entrances to its offices and shall provide customers with reasonable advance notice of reduction in services or hours of operation.(c) Any act authorized, required, or permitted to be performed at, by, or with respect to any credit union on a day the credit union is closed may be performed on the next succeeding day the credit union is open for business, and liability or loss of rights of any kind to such credit union shall not result from this delay.(d) A copy of such schedule of office hours shall be filed with the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30302
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30302. Closing for cause

§ 30302. Closing for cause|A credit union may temporarily close any of its offices for reasons that include good cause, extreme weather conditions, and community events. If a credit union temporarily closes any of its offices for all or any part of a day it is normally open for business, the credit union shall post a conspicuous notice of the closing at all points of public access to the closed offices. A closing may not become effective until such notice is posted at the office to be closed. Posting this notice relieves the credit union from liability for failure to perform any of the business of the credit union at the closed offices. The Commissioner may adopt rules governing the form and content of the notice required under this section and may require dissemination of the notice of closing by any other reasonable means. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30303
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30303. Emergency closing by credit union

§ 30303. Emergency closing by credit union|If an emergency arises or is so imminent and immediate as to interfere with or threaten the conduct of normal business transactions or the safety and welfare of a credit union's plant, assets, or personnel, the credit union officer or official in charge of any office open to the public may determine not to open the office so threatened or close the same, if open. The credit union shall notify the Commissioner of the emergency closing as soon as reasonably possible. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30401
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30401. Preservation of records

§ 30401. Preservation of records|(a) A Vermont credit union and any state-chartered credit union with an office in this State shall keep such books, accounts, and records relating to all of its transactions that will enable the Commissioner to ensure full compliance with the laws of this State. Each such credit union shall retain its business records for such periods as prescribed by the Commissioner by regulation.(b) Any such credit union may dispose of any record which has been retained for the period prescribed by or in accordance with the regulation for retention of records of its class, and thereafter shall be under no duty to produce the record in any action or proceeding.(c) Records required to be preserved and retained by law or regulation may be maintained in paper, photograph, microprocess, magnetic, digital, mechanical, or electronic media, or in or by any other information storage device or process which forms a durable medium providing reasonable assurances against tampering and degradation of any reproduction of the original record, and which can be accurately transferred to paper in a legible written form within a reasonable time. Records maintained in a computer-based format shall be archival in nature only, so as to preclude the possibility of alteration of the content of the record by computer once the record has been transferred to that format. Any record reproduced from a record maintained in compliance with this subsection shall have the same force and effect as the original thereof and may be admitted in evidence equal to the original. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
8 V.S.A. § 30501
2021 Vermont Statutes|Title 8 - Banking and Insurance|Chapter 220 - Supervision and Regulation|§ 30501. Financial reports

§ 30501. Financial reports|(a) The Commissioner shall require each credit union to submit a quarterly report of its condition within 30 days of the end of each calendar quarter in such manner and on such forms as the Commissioner may require. Reports shall be verified to be true, correct, and complete by the oath of the person preparing the report.(b) The Commissioner may require a credit union to file additional reports or special reports at such frequency and within such time periods as the Commissioner may require in his or her discretion. The Commissioner may require that such additional or special reports include such information and be in such format as the Commissioner may direct.(c) Promptly following the completion of any annual audit, any verification of member accounts, or any other verification or examination performed by or at the request of the supervisory committee, the supervisory committee shall file a copy of such written report with the governing body.(d) Each credit union shall forward to the Commissioner a copy of all reports required by the National Credit Union Administration, or any successor thereof.(e) If any report is not filed by the date it is due, a fine of not more than $100.00 for each day the report remains in arrears may be levied against the offending credit union. If the report is not filed within 15 days of the due date, the Commissioner may, after written notice to the chief executive officer of the credit union of its intention to do so, suspend or revoke the certificate of approval, issue a cease and desist order, take possession of the business and property of the credit union, order its liquidation in accordance with section 36101 of this title, or take any other action permitted by law or regulation.(f) The Commissioner, in his or her discretion, may accept reports filed with other regulators for purposes of the requirements of this section. (Added 2005, No. 16, § 1, eff. July 1, 2005.)