Vt. Stat. Ann. tit. 8, § 19301
Application for receiver; petition to divide losses
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
If the Commissioner ascertains in any manner that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver, unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as hereinafter provided.
If the Commissioner ascertains in any manner that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver, unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as hereinafter provided.
Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.