§ 4593 - Prohibited acts - Vermont Statutes

§ 4593. Prohibited acts

Under this chapter a bank may not:

(1) Make loans of money to any person, firm or corporation other than a government or a governmental agency or subdivision, or purchase securities issued by any person, firm or corporation other than a governmental unit or for investment except as provided in this chapter; or

(2) Emit bills of credit, or accept deposits of money for time or demand deposit, or administer trust, or engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association; or

(3) Be or constitute a bank or trust company within the jurisdiction or under the control of the department of banking, insurance, securities, and health care administration of the state, or the commissioner thereof, or the comptroller of the currency of the United States of America or the department of the treasury thereof; or

(4) Be or constitute a bank, banker or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law, of the United States of America or of this state or of any other state. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970; amended 1989, No. 225 (Adj. Sess.), § 25(a); 1995, No. 180 (Adj. Sess.), § 38(a).)