Vermont § 34104 - Nonconforming activities; cessation
Full text of Vermont Vermont Statutes Online § 34104 — Nonconforming activities; cessation, with citation guidance and answers to common questions.
§ 34104. Nonconforming activities; cessation
- (a) Applicability. If, as a result of a merger or conversion pursuant to this title, the continuing credit
union is to be of a different type or of a different character than any one or all
of the participating or converting institutions, such continuing credit union shall
be subject to the conditions and limitations as set forth in this chapter. (b) Plan for termination. The plan of merger or conversion shall set forth the method and schedule for terminating
those activities not permitted by the laws of this State for the continuing credit
union, but that were authorized for any of the participating or converting institutions. (c) Effective date. The plan of merger or conversion shall state that from the effective date of such
action, the continuing credit union shall not engage in any nonconforming activities,
except to the extent necessary to fulfill obligations existing prior to merger or
conversion, pursuant to subsection (d) of this section. (d) Compliance with limitations. If, as a result of such merger or conversion, the continuing credit union 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 or conversion, require a nonconforming
activity to be divested in accordance with such additional requirements as he or she
may deem appropriate under the circumstances. (Added 2005, No. 16, § 1, eff. July 1, 2005.)
Frequently Asked Questions About Vermont § 34104
What does Vermont Statutes Online § 34104 cover?
Section 34104 ("Nonconforming activities; cessation") 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 § 34104?
A common citation format is "Vermont Statutes Online § 34104" (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 § 34104 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.