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Can you summarize 8 VTST Chapter 224?
Banking and Insurance > Merger and Acquisition
Short Summary
This legal document governs the process of mergers and acquisitions of credit unions in Vermont. It outlines the procedures, conditions, and limitations for credit unions to merge into one Vermont credit union. The participating credit unions are required to adopt a plan of merger, which includes details such as the names and locations of the participating credit unions, the name and location of the continuing credit union, provisions for converting deposits, accounts, or shares, amendments to organizational documents, resulting field of membership, and a business plan for the continuing credit union. The plan of merger, along with certified copies of authorizing resolutions, must be submitted to the Commissioner for approval. The plan of merger is then presented to the members of each participating credit union for their approval. Upon approval, an executed plan of merger is submitted to the Commissioner, who issues a certificate of merger. The merger becomes effective upon filing of the certificate. The document also provides provisions for mergers involving federal credit unions, as well as the application of specific sections of the title to mergers and acquisitions. Additionally, the Commissioner has the authority to expedite mergers in certain circumstances. There are no specific penalties mentioned in this document.
Whom does it apply to?
Credit unions in Vermont
What does it govern?
Mergers and acquisitions of credit unions in Vermont
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Vermont