Vermont § 18201 - Nonconforming activities; cessation

§ 18201. Nonconforming activities; cessation

• (a) Applicability. If, as a result of a merger, consolidation, conversion, or acquisition pursuant to
  this title, the resulting institution is to be of a different type or of a different
  character than any one or all of the participating or converting institutions, such
  resulting institution shall be subject to the conditions and limitations as set forth
  in this subchapter. (b) Plan for termination. The plan of merger, consolidation, conversion, or acquisition shall set forth the
  method and schedule for terminating those activities not permitted by the laws of
  this State for the resulting institution, but that were authorized for any of the
  participating or converting institutions. (c) Effective date. The plan of merger, consolidation, conversion, or acquisition shall state that from
  the effective date of such action, the resulting institution shall not engage in any
  nonconforming activities, except to the extent necessary to fulfill obligations existing
  prior to merger, consolidation, conversion, or acquisition, pursuant to subsection
  (d) of this section. (d) Compliance with limitations. If, as a result of such merger, consolidation, conversion, or acquisition, the resulting
  institution exceeds any lending, investment, or other limitations imposed by this
  title, it shall conform to such limitations within such period of time as shall be
  established by the Commissioner. (e) Divestiture. The Commissioner may, as a condition to such merger, consolidation, conversion, or
  acquisition, require a nonconforming activity to be divested in accordance with such
  additional requirements as he or she may deem appropriate under the circumstances. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)