Vermont § 31107 - Failure to commence business

§ 31107. Failure to commence business

• (a) The proposed credit union’s certificate of approval and its right to do business shall
  lapse if the credit union fails to commence business as a credit union within two
  years after receiving a certificate of approval under section 31102 of this title. (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 proposed credit union setting forth the
  reasons for the extension, filed before the expiration of the time period established
  by subsection (a) of this section. The Commissioner shall notify the Secretary of
  State of any such extension granted by the Commissioner. (c) Upon the expiration of the time periods set forth in subsections (a) and (b) of this
  section, the contributors of initial share deposits of such proposed credit union
  shall be entitled to the return of any amounts that they have paid to the credit union,
  and all expenses incurred in the organization of the proposed credit union shall be
  borne by the original organizers who were named in the application for permission
  to organize. (Added 2005, No. 16, § 1, eff. July 1, 2005.)