Vermont § 20106 Issuance of capital stock and debentures by reorganized savings financial institution

Vermont Statutes

§ 20106 — Issuance of capital stock and debentures by reorganized savings financial institution

Vermont § 20106

Title 8Title 8: Banking and Insurance

Ch. 210Chapter 210: Mutual or Cooperative Holding Company

This text of Vermont § 20106 (Issuance of capital stock and debentures by reorganized savings financial institution) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 20106 (2026).

Text

A mutual holding company subsidiary financial institution may issue up to 49 percent of its voting common stock to persons other than the mutual holding company. Depositors of a mutual holding company subsidiary financial institution at the time of commencement of any public offering of voting common stock shall be given the opportunity to participate in such offering in accordance with terms reasonably established by the governing body. A mutual holding company subsidiary financial institution may issue nonvoting stock, preferred stock, or capital debentures to the mutual holding company or to any person other than the mutual holding company. The issuance of stock or debentures by a mutual holding company subsidiary financial institution shall be subject to the procedures and requirements

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A mutual holding company subsidiary financial institution may issue up to 49 percent of its voting common stock to persons other than the mutual holding company. Depositors of a mutual holding company subsidiary financial institution at the time of commencement of any public offering of voting common stock shall be given the opportunity to participate in such offering in accordance with terms reasonably established by the governing body. A mutual holding company subsidiary financial institution may issue nonvoting stock, preferred stock, or capital debentures to the mutual holding company or to any person other than the mutual holding company. The issuance of stock or debentures by a mutual holding company subsidiary financial institution shall be subject to the procedures and requirements of chapter 204 of this title; provided, however, that the liquidation rights of any preferred shareholders shall be limited to repayment of their original investment in such shares and any dividends earned but unpaid prior to such liquidation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)