Vermont § 31106 - Certificate to commence business; insurance; bond
Full text of Vermont Vermont Statutes Online § 31106 — Certificate to commence business; insurance; bond, with citation guidance and answers to common questions.
§ 31106. Certificate to commence business; insurance; bond
- (a) Upon receipt of the statement required in subsection 31105(b) of this title, the Commissioner shall cause an examination to be made to determine if the minimum
share deposits have been credited to the account of the credit union, 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 share deposits has been paid in, the Commissioner shall issue
a certificate under seal authorizing the credit union to commence business, and this
certificate shall be filed with the Secretary of State. (c) The certificate of authority to commence business shall be conclusive of the facts
stated in the certificate, and it shall be unlawful for any credit union to begin
transacting business until a certificate of authority to commence business has been
granted. The certificate of authority to commence business shall be conclusive of the facts
stated therein, and it shall be unlawful for any credit union to begin transacting
business until a certificate of authority to commence business has been granted. (d) A credit union shall not commence business until its shares and deposits are insured
by the National Credit Union Administration (NCUA) or its successor agency as required
by section 31601 of this title. (e) A credit union shall not commence business until it has acquired such bonds and insurance
as required by section 31602 of this title. (f) 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. (Added 2005, No. 16, § 1, eff. July 1, 2005; amended 2021, No. 105 (Adj. Sess.), § 324, eff. July 1, 2022.)
Source: official Vermont text · Last verified 2026-08-27
Frequently Asked Questions About Vermont § 31106
What does Vermont Statutes Online § 31106 cover?
Section 31106 ("Certificate to commence business; insurance; bond") 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 § 31106?
A common citation format is "Vermont Statutes Online § 31106" (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 § 31106 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.