(a) A Vermont financial institution may establish a branch in any state other than this State by merger, consolidation, acquisition, or as otherwise permitted by and in accordance with the laws of such host state and applicable federal financial institution laws.

(b) A merger or consolidation pursuant to this section shall be in accordance with and subject to the provisions of chapter 207 of this title.

(c) Not later than the date on which the required application is filed with the responsible federal supervisory agency, the applicant in the establishment of a branch under this section shall file an application on a form prescribed by the Commissioner. If the Commissioner finds that the proposed transaction will not be detrimental to the safety or soundness of the applicant and the applicant has obtained and provided the Commissioner with copies of all other required approvals, the Commissioner shall approve the application and the operation of the branch outside this State.

(d) A branch of a Vermont financial institution which is located in another state may conduct any activity that is permissible for a branch in that state of a financial institution incorporated under the laws of such state. In order to engage in trust activities in an out-of-state branch, a Vermont financial institution shall have previously obtained the Commissioner's approval to engage in trust activities under section 14403 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)