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Can you summarize 8 VTST Chapter 225?
Banking and Insurance > Conversions
Short Summary
This legal document governs the process of converting a mutual financial institution or a cooperative financial institution into a credit union. It applies to mutual financial institutions, cooperative financial institutions, and credit unions. The document outlines the requirements for such a conversion, including providing written notice to members, approval of the conversion plan by the governing body, and holding a special meeting of members to vote on the conversion plan. Various records and documentation must be filed with the Commissioner. If all requirements are met and the Commissioner determines that the process was fair and lawful, the conversion will be approved and effective. However, credit unions that submitted a conversion plan before July 1, 2005 are exempt from this document. No specific penalties are mentioned in this document.
Whom does it apply to?
Mutual financial institutions, cooperative financial institutions, and credit unions
What does it govern?
Conversion of a mutual financial institution or a cooperative financial institution to a credit union
What are exemptions?
Credit unions that submitted a conversion plan before July 1, 2005
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Vermont