(a) Nothing contained in the law of this State restricts the right of a financial institution organized under chapter 202 of this title to merge or consolidate into a resulting national financial institution. The corporate action to be taken by the investor-owned institution and its rights and liabilities and those of its investors are the same as those prescribed in section 17201 of this title, except that approval of the Commissioner is not required.

(b) Upon the effective date of the merger or consolidation, the authority of the participating investor-owned Vermont financial institution shall terminate automatically. The resulting national financial institution shall notify the Secretary of State of the termination. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)