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Searching 2021-2022 Session

The Vermont Statutes Online


Title 8 : Banking and Insurance


Subchapter 001 : Applicability of Chapter; Payments Restrained to Preserve Assets or Protect Depositors

(Cite as: 8 V.S.A. § 19105)
  • § 19105. Orders as to deposits and debts due financial institution

    During those holidays and so long thereafter as the Governor approves, the Commissioner may issue such orders as to the receipt and payment of deposits by, and the creation and discharge of debts and obligations to or from a Vermont financial institution under the Commissioner's supervision, as the Commissioner may deem necessary for the protection and preservation of the public safety and convenience or the equal protection of those Vermont financial institution's depositors in view of then existing banking, business, or other pertinent conditions. Those orders may apply to any Vermont financial institution, as may be necessary for those purposes; and the orders may restrict or regulate all business or any part of the business of a financial institution affected thereby, including the time or manner or medium of payment, or limitations on the amount or percentages of payment of deposits or of debts or obligations, or the investment or the loaning of money, or the approval and acceptance of security for new loans. The orders may classify financial institutions or departments thereof or deposits or assets and liabilities and may vary with the different classes, as may be required for fulfilling the purposes of this section and sections 19102 through 19104 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)