The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
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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.
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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.