§ 19401. Plan for reopening or establishment of new financial institution If any Vermont financial institution has been closed by action of the Commissioner or its governing body and a receiver, either temporary or permanent, appointed or petitioned for, the depositors thereof, representing not less than 75 percent of the deposit liability, and with the […]
§ 19402. Petitioning Court for hearing; notice; hearing; approval of plan (a) Upon receiving the approval of the plan by the Commissioner, the committee or the Commissioner may petition the Superior Court of Washington County, setting forth the details of the plan which has been agreed upon and requesting the court to set a day […]
§ 19403. Depositor’s objection to plan; receivership continued If any of the depositors of the Vermont financial institution file written objections to the approval of the plan and refuse to consent to the plan, the Court at the hearing may direct the receiver to set aside assets of each class of the receivership, in such […]
§ 19404. Deposits of public money If, in any financial institution referred to in section 19401 of this title, there are deposits of public money belonging to the State or any political subdivision of the State, the State Treasurer, if the deposit belongs to the State, and the Treasurer of any political subdivision, by and […]
§ 19405. Deposits not paid or received; business continued When a proceeding has been brought under section 19401 of this title, a deposit shall not be paid or received by that financial institution after the filing of the petition until the final decree of the Superior judge or, unless the Commissioner, in his or her […]
§ 19406. Orders under which financial institution may continue business Those orders shall provide that deposits received after the petition is filed and before the final decree shall be kept in cash or invested in such liquid securities as the Commissioner shall approve and segregated from the prior assets of the financial institution and shall […]
§ 19407. Expenses; deposits received after petition filed The expense of operation between filing of the petition and final decree shall be apportioned between the original assets and the new assets in such manner as the Superior judge may deem just. The deposits received between the filing of the petition and the final decree shall […]
§ 19408. Petition denied; receiver to wind up affairs If the petition is denied, the Commissioner shall apply for a receiver to wind up the affairs of the financial institution, as provided in sections 19301 through 19315 of this title. In that case, the deposits, if any, received after petition filed and the resulting assets […]
