Vermont § 13106 - Certificate to commence business
Full text of Vermont Vermont Statutes Online § 13106 — Certificate to commence business, with citation guidance and answers to common questions.
§ 13106. Certificate to commence business
- (a) Upon receipt of the statement required in section 13105 of this title, the Commissioner shall cause an examination to be made to determine if the minimum
capital deposits have been credited to the account of the institution and that all
requirements of this section and other provisions of law have been met. (b) Upon completion of the examination, and if it appears to the Commissioner that the
whole of the required capital deposits has been paid in, the Commissioner shall issue
a certificate under seal authorizing the financial institution to commence business,
and this certificate shall be filed with the Secretary of State. In the case of a
violation of this provision, the officers and directors assenting to the activity
shall be personally liable for all debts incurred before the certificate is issued
and filed. Such certificate shall be conclusive of the facts stated in the certificate
and it shall be unlawful for any such mutual or cooperative financial institution
to begin transacting business until such a certificate has been granted. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 291, eff. July 1, 2022.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 13106
What does Vermont Statutes Online § 13106 cover?
Section 13106 ("Certificate 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 § 13106?
A common citation format is "Vermont Statutes Online § 13106" (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 § 13106 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.