§ 19101. Applicability to Vermont financial institutions; independent trust companies; state financial institutions (a) The provisions of subchapters 1 through 4 of this chapter apply to Vermont financial institutions. The provisions of subchapters 2, 3, and 4 of this chapter shall also apply to independent trust companies organized and regulated under chapter 77 of this […]
§ 19102. Governor’s proclamation Whenever it appears to the Governor that the public welfare and the equal protection of depositors in Vermont financial institutions doing business in this State require it, he or she may proclaim such bank holidays as in his or her judgment are necessary. Those holidays, except as otherwise provided in the […]
§ 19103. Business restricted During holidays and subject to the provisions of the proclamation, the Commissioner, in addition to all other powers conferred by law, may order any Vermont financial institution to restrict all or any part of its business, and to limit or postpone for any length of time the payment of any amount […]
§ 19104. Restrictions continued after holidays After those holidays, the order may be continued in effect as to any particular financial institution if, in the opinion of the Commissioner, circumstances warrant or require the continuance and the Governor approves. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
§ 19105. Orders as to deposits and debts due financial institution During those holidays and so long thereafter as the Governor approves, the Commissioner may issue such orders as to the receipt and payment of deposits by, and the creation and discharge of debts and obligations to or from a Vermont financial institution under the […]
§ 19106. Withdrawals, rateable share of depositor’s interest While restrictions are in force on the withdrawal of the deposits in a Vermont mutual or cooperative financial institution, except those imposed by the financial institution under the provisions of its internal governance documents, withdrawals shall be counted as a part of the rateable share of the […]
§ 19107. Publication of orders Orders under sections 19103 through 19106 of this title may be issued and notice thereof given in such manner as the Commissioner determines and may be amended, modified, changed, expanded, or revoked in whole or in part whenever in his or her judgment circumstances warrant or require. (Added 1999, No. […]
§ 19108. Appeal; receiver The propriety and necessity of the orders issued by the Commissioner under sections 19103 through 19107 of this title shall be open to review upon action brought in the usual form by an aggrieved party within 14 days to the Superior Court of Washington County. No injunction may be issued without […]
§ 19109. New commercial or savings deposits authorized; withdrawals The Commissioner, by order, may authorize Vermont financial institutions thereafter to receive new commercial deposits or new savings deposits, and the new deposits shall be special deposits and designated as new commercial deposits or new savings deposits, as the case may be, and shall be segregated […]
§ 19110. Costs and expenses Costs and expenses incurred by the Commissioner in the exercise of powers given under sections 19101 through 19109 of this title may be assessed by the Commissioner against the Vermont financial institutions concerned and, when so assessed, shall be paid by those financial institutions. (Added 1999, No. 153 (Adj. Sess.), […]
