Vermont § 12101 - Application

§ 12101. Application

• (a) Application. A corporation, limited liability company, limited partnership, limited liability partnership,
  or the organizers of the entity shall file with the Commissioner an application for
  permission to conduct business as an investor-owned financial institution. The application
  shall contain the following information: (1) The name by which the financial institution is to be known. (2) The purpose for which it is to be formed, including whether a certificate of general
  good is sought to conduct business as a universal financial institution or special
  purpose financial institution. (3) The city or town within this State where the institution’s principal office is to
  be located. (4) The proposed amount of its initial capital. (5) The names, addresses, and occupations of the organizers of the institution, together
  with a statement as to the character, reputation, and financial responsibility and
  competence of such persons. (6) Documents that set forth the proposed institution’s organizational structure and business
  plan, including: (A) A copy of the organizational documents of the applicant. (B) The names, addresses, and occupations of the organizers of the institution and the
  names, addresses, and occupations of the directors who will be voted on at the initial
  meeting, together with a statement as to the character, reputation, and financial
  responsibility of each. A list of the names, addresses, and official positions of
  the persons who are to be responsible for the conduct of the affairs of the applicant,
  including all members of the governing body, any committees, and the executive officers;
  a statement as to the character, reputation, financial responsibility, and competence
  and experience in banking and business of such persons; and such disclosure and conflict
  of interest statements as required. (C) A financial plan that includes a three-year projection of the initial operating results
  anticipated and a description of the proposed method of marketing the plan, and a
  statement as to the sources of initial capital as well as any other sources of funding. (7) The reasons that an institution of the type specified in subdivision (2) of this subsection
  is needed in the proposed location. (8) Copies of any application filed with any other supervisory agency. (9) Any additional information the Commissioner may require. The Commissioner may waive
  any requirements that do not apply. (b) Publication of notice. After determining that the application required by subsection (a) of this section
  is complete, the Commissioner shall advise the organization or the organizers of the
  entity to publish or give any notice that will be required by the Commissioner under
  section 11702 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)