§ 19201. Appointment and bonding of conservators Whenever the Commissioner deems it necessary in order to conserve the assets of a Vermont financial institution for the benefit of the depositors and other creditors thereof, the Commissioner may appoint a conservator for the financial institution and require of the conservator such bond and security as the […]
§ 19202. Conservation of assets Under the direction of the Commissioner, the conservator shall take possession of the books, records, and assets of every description of the Vermont financial institution and take such action as may be necessary to conserve the assets thereof pending further disposition of its business as provided by law. (Added 1999, […]
§ 19203. Powers of conservator The conservator shall have all the rights, powers, and privileges possessed by receivers consistent with this subchapter and shall be subject to the obligations and penalties to which receivers are subject. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
§ 19204. Rights of interested parties During the time the conservator remains in possession of the Vermont financial institution, the rights of all parties with respect to the institution, subject to the provisions of law, shall be the same as if a receiver had been appointed therefor. (Added 1999, No. 153 (Adj. Sess.), § 2, […]
§ 19205. Fiduciary powers; appointment of new trustee for trust accounts The conservator shall have the right to exercise all the fiduciary powers which the Vermont financial institution had been exercising. However, if all of the beneficiaries, named in any trust that the financial institution for which the conservator is appointed was trustee, desire another […]
§ 19206. Expenses; salary All expenses of any such conservatorship shall be paid out of the assets of the financial institution and shall be a lien thereon which shall be prior to any other lien provided by law. The conservator shall receive as salary an amount to be fixed by the Governor. (Added 1999, No. […]
§ 19207. Withdrawals While the financial institution is in the hands of the conservator appointed by the Commissioner, the Commissioner may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a rateable basis, such amounts as in the opinion of the Commissioner may safely be […]
§ 19208. Deposits (a) In the Commissioner’s discretion, the Commissioner may permit the conservator to receive deposits, but deposits received while the financial institution is in the hands of the conservator shall not be subject to any limitation as to payment or withdrawal, and those deposits shall be segregated and shall not be used to […]
§ 19209. Termination of conservatorship If the Commissioner becomes satisfied that it may safely be done and that it would be in the public interest, in the Commissioner’s discretion, the Commissioner may terminate the conservatorship and permit the financial institution to resume the transaction of its business subject to such terms, conditions, restrictions and limitations […]
§ 19210. Notice to depositors of termination of conservatorship In case the Commissioner, in the exercise of the Commissioner’s discretion, is satisfied that it would be in the public interest to terminate the conservatorship either with or without reorganization, before the conservator shall turn back the affairs of the Vermont financial institution to its governing […]
