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.
Subchapter
001
:
APPLICABILITY OF CHAPTER; PAYMENTS RESTRAINED TO PRESERVE ASSETS OR PROTECT DEPOSITORS
(Cite as: 8 V.S.A. § 19109)
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§ 19109. New commercial or savings deposits authorized; withdrawals
The Commissioner, by order, may authorize Vermont financial institutions thereafter
to receive new commercial deposits or new savings deposits, and the new deposits shall
be special deposits and designated as new commercial deposits or new savings deposits,
as the case may be, and shall be segregated from all other deposits. New commercial
deposits shall also be segregated from new savings deposits. They may be invested
only in assets approved by the Commissioner as being sufficiently liquid to be available
when needed to meet any demands on account of those new deposits, which assets shall
not be merged with other assets of the institution, but shall be held in trust for
the security and payment of those new deposits, except that income from those assets,
to the extent authorized by the Commissioner, may be used by the financial institution
for other proper purposes of the institution. The withdrawal of those new deposits
shall not be subject in any respect to restriction or limitation under this section
and sections 19102 through 19108 of this title. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)