The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 8 : Banking and Insurance
Chapter 202 : Organization and Management of Investor-Owned Financial Institutions
Subchapter 004 : DIVIDENDS, DISTRIBUTIONS, AND WITHDRAWALS
(Cite as: 8 V.S.A. § 12401)-
§ 12401. Limitation; form
(a) A Vermont financial institution may not authorize dividends, distributions, or withdrawals that reduce capital below the higher of the amount required under the certificate of general good or section 14104 of this title without the prior approval of the Commissioner.
(b) Dividends, distributions, and withdrawals shall be in cash or as otherwise authorized by the Commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
