The Vermont Statutes Online

Title 16: Education

Chapter 127: USE OF EDUCATIONAL TRUST FUNDS

• Subchapter 001: INVESTMENT

• § 3641. Common investment of individual trust funds

  In its discretion, an educational institution may associate together for common investment the funds of individual trusts or individual funds held by it whether created by order of court or otherwise, if the terms of the trust or gift do not require a separate investment. For that purpose, an educational institution may create an investment account in which may be placed for investment the whole or any part of the funds of trusts or gifts permitted to be associated. An individual trust or gift whose funds are thus associated shall at all times be the equitable owner of its pro rata share of the funds of such investment account and the net increase or decrease of its principal during the time its funds are a part of such account.

• Subchapter 002: CHANGE IN USE OF FUND

• § 3681. Complaint to Superior Court

  If an educational corporation or association holds a fund of which, whether by statute or by usage, only the income may be expended, and, because of such limitation, such corporation or association is unable to reduce its indebtedness and to pay its debt and expenses from its current receipts, so that cessation of its activities or winding-up of its affairs and liquidation is threatened or impends, such corporation or association may bring its complaint to the Superior Court in the county in which it has its principal place of business, for relief as provided in this subchapter. (Amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974; amended 2019, No. 131 (Adj. Sess.), § 112.)

• § 3682. Contents of complaint; party defendant; notice

  A complaint brought in accordance with section 3681 of this title shall set forth the situation of such corporation or association within the provisions of that section 3681 and shall describe particularly the fund involved and shall pray for relief under the provisions of this subchapter. The Attorney General shall be cited as party defendant. Public notice shall be given by publication of the substance of the complaint and the time and place to which the complaint is returnable, pursuant to the provisions of 1 V.S.A. § 174 and V.R.C.P. 4(g). (Amended 2021, No. 20, § 67.)

• § 3683. Hearing; determination

  If the Superior Court shall find upon hearing that the situation of such corporation or association is within the provisions of section 3681 of this title, that its affairs have been conducted in a proper manner, and that the purposes of its organization, the nature and results of its activities, and the general welfare require its continuance as a going organization, such court may authorize such corporation or association to use such part of the principal of such fund upon such terms as such court shall determine may be necessary to enable such corporation or association to rehabilitate itself and free itself in part or in whole from its indebtedness. (Amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)

• § 3684. Orders

  The court may make all orders necessary or incidental to the exercise of the jurisdiction conferred by this subchapter, including such orders relating to the custody, preservation, and conservation of the assets and property of the corporation or association as may be deemed necessary and proper for the protection of all interests involved.