§ 31106 - Certificate to commence business; insurance; bond - Vermont Statutes

§ 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 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 thereto shall be personally liable for all debts incurred before the certificate is issued and filed. (Added 2005, No. 16, § 1, eff. July 1, 2005.)