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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 209 : CONSERVATION, LIQUIDATION, AND INSOLVENCY

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

(Cite as: 8 V.S.A. § 19109)
  • § 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.)