Vermont § 12104 - Failure to commence business

Full text of Vermont Vermont Statutes Online § 12104 — Failure to commence business, with citation guidance and answers to common questions.

§ 12104. Failure to commence business

  • (a) If a financial institution authorized to commence business under this chapter does
    not commence business within two years from the filing of its organizational documents
    in the Office of the Secretary of State, its right to do business shall lapse. (b) Notwithstanding the time limitation in subsection (a) of this section, the Commissioner
    may extend the period in which business shall be commenced for a period not to exceed
    six months upon written application by the institution setting forth the reasons for
    the extension filed before the expiration of the time period established in subsection
    (a) of this section. If an extension is granted by the Commissioner, the Commissioner
    shall notify the Secretary of State. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)

Source: official Vermont text · Last verified 2026-08-27

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Frequently Asked Questions About Vermont § 12104

What does Vermont Statutes Online § 12104 cover?

Section 12104 ("Failure to commence business") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Vermont § 12104?

A common citation format is "Vermont Statutes Online § 12104" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Vermont law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.

How does Vermont § 12104 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.