Vermont Statutes Title 8. Banking and Insurance, § 36102. Involuntary merger of credit union

(1) an emergency requiring expeditious action exists with respect to such other credit union;

(2) other alternatives are not reasonably available; and

(3) the public interest would best be served by approval of such merger, consolidation, purchase, or assumption.

(c)(1) Notwithstanding any other provision of law, the Commissioner may authorize an institution whose deposits or accounts are insured to purchase any of the assets of or assume any of the liabilities of a credit union which is insolvent or in danger of insolvency or is operating in an unsafe or unsound manner; and

(2) For purposes of the authority contained in this section, insured share and deposit accounts of the credit union may, upon consummation of the purchase and assumption, be converted to insured deposits or other comparable accounts in the acquiring institution, and the Commissioner and the insuring organization shall be absolved of any liability to the credit union's members with respect to those accounts.