§ 13105 - Payment of capital deposits - Vermont Statutes

§ 13105. Payment of capital deposits

(a) A financial institution organized under this chapter shall not commence business until the minimum capital deposits required in its permission to organize have been deposited to the credit of the financial institution in a depository designated by the governing body.

(b) At such time as the institution has received to its credit the minimum capital deposits required in section 13103 of this title, a complete list of the capital depositors, with the name, address, occupation and the amount of capital deposited by each shall be filed with the commissioner, which list shall be verified by an officer and the secretary of the institution. Such deposits shall be handled by the institution in accordance with subchapter 2 of this chapter. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)