Section 30803 - Hearings on applications; decisions; general good standard(a) The Commissioner may conduct public hearings on any application subject to this subchapter in his or her discretion.(b) After consideration of all relevant matters presented in the application, in any written comments, in any department investigation, and at any hearing, the Commissioner shall issue a decision approving or disapproving the application.(c) If the Commissioner's decision is favorable, a certificate of approval shall issue with the decision. If the Commissioner's decision is not favorable, the Commissioner shall provide the reasons for the disapproval.(d) No credit union shall commence operations; open an office; or effectuate a merger, acquisition, conversion, reorganization, or dissolution; amend its bylaws or organizational documents; or take any other similar action without first securing a certificate of approval.(e) The Commissioner shall approve an application if he or she determines that the proposed transaction promotes the general good of the State of Vermont.(f) In determining whether the proposed transaction promotes the general good of the State of Vermont, the Commissioner may consider the following factors:(1) the character, ability, and overall sufficiency of the management, including directors or organizers of the credit union;(2) the adequacy of capital and financial resources of the credit union;(3) the competitive abilities and future prospects of the credit union;(4) the convenience and needs of the market area or areas to be served;(5) the competitive effect of the proposed transaction on the price, availability, and quality of services in the market area or areas to be served;(6) the effect on the applicant's members;(7) if an existing credit union, whether the proposed transaction contributes to the financial strength and success of the credit union;(8) the fairness and equities involved in any conversion, merger, or acquisition;(9) whether the credit union's proposal conforms to Vermont law; and(10) such other aspects of the proposed transaction as the Commissioner deems advisable.Added 2005, No. 16, § 1, eff. 7/1/2005.