Vermont Statutes Title 8. Banking and Insurance, § 13106. Certificate to commence business

(a) Upon receipt of the statement required in section 13105 of this title, the Commissioner shall cause an examination to be made to determine if the minimum capital deposits have been credited to the account of the institution 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 capital deposits has been paid in, the Commissioner shall issue a certificate under seal authorizing the financial institution to commence business, and this certificate shall be filed with the Secretary of State. In the case of a violation of this provision, the officers and directors assenting to the activity shall be personally liable for all debts incurred before the certificate is issued and filed. Such certificate shall be conclusive of the facts stated in the certificate and it shall be unlawful for any such mutual or cooperative financial institution to begin transacting business until such a certificate has been granted.