Vermont Statutes Title 8. Banking and Insurance, § 20105. Chartering of mutual holding company subsidiary financial institution

(1) A majority of the governing body of the reorganizing mutual or cooperative financial institution may serve as the incorporators of the mutual holding company subsidiary financial institution being formed and as the petitioners seeking approval of its incorporation.

(2) The initial capital requirement of section 12103 of this title shall not apply prior to the effective date of the reorganization.

(3) If the Commissioner grants the petition under 12102 of this title, he or she shall condition such approval upon the transfer by the reorganizing mutual or cooperative financial institution to the mutual holding company subsidiary financial institution (in organization), before such transferee shall commence business, of assets having a value in excess of the amount of the transferred liabilities, as determined by the Commissioner, such that the mutual holding company subsidiary financial institution will at the time of such transfer meet all applicable net worth and capital adequacy requirements prescribed by state or federal statutes or regulations.