Applicability of chapter The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 202 and 203 of this title and branches of any state or foreign financial institution authorized under section 15202 or 15203 of this title. The powers, privileges, duties, and restrictions conferred and imposed in the organizational documents or act of incorporation of any commercial bank, savings bank, savings and loan association, bank and trust company, or trust subsidiaries organized under the prior laws of this State are abridged, enlarged, or modified so that each such charter or act of incorporation conforms to this title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights, and privileges and is subject to the duties, restrictions, and liabilities conferred and imposed by this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Vermont Legal Code