Vermont § 13601 - Voluntary dissolution; procedure; criteria
Full text of Vermont Vermont Statutes Online § 13601 — Voluntary dissolution; procedure; criteria, with citation guidance and answers to common questions.
§ 13601. Voluntary dissolution; procedure; criteria
- (a) A mutual or cooperative financial institution shall submit to the Commissioner for
approval a plan of dissolution prior to filing its articles of dissolution under Title
11A. The plan shall contain the following items: (1) pro forma financial statements that demonstrate that the financial institution will,
upon dissolution, discharge, or make provision for discharging, its liabilities; (2) a method to distribute all remaining assets among its depositors or members according
to their interests; (3) the process of and resources dedicated to the oversight of the dissolution of the
financial institution; (4) the plan to transfer to any other financial institution its deposit, loan, and trust
accounts, including escheat of all remaining deposit accounts to the State of Vermont; (5) the procurement or continuation of insurance or the provision of other security as
the Commissioner deems necessary; (6) an acknowledgment that, before the articles of dissolution are filed, there will be
no distributions to depositors or members, without first providing for the obligations
of the dissolving entity; and (7) such other information or assurances as the Commissioner may require. (b) Upon approval of the plan, the financial institution may file its articles of dissolution
with the Secretary of State under Title 11A and proceed with the dissolution as provided
by law. (c) During its wind-up, a dissolved entity shall not transact any further banking business
after its deposit insurance has terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Frequently Asked Questions About Vermont § 13601
What does Vermont Statutes Online § 13601 cover?
Section 13601 ("Voluntary dissolution; procedure; criteria") 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 § 13601?
A common citation format is "Vermont Statutes Online § 13601" (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 § 13601 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.