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
003
:
RECEIVERSHIP AND DISSOLUTION
(Cite as: 8 V.S.A. § 19304)
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§ 19304. Commissioner as receiver
The Commissioner shall be appointed as such receiver unless the Superior judge is
satisfied that it would be inadvisable for the Commissioner to act in that capacity.
The Commissioner and successors of the Commissioner as receiver shall serve without
compensation other than his or her stated compensation as Commissioner, but the Commissioner
shall be allowed clerical and other expense necessary in the conduct of the receivership.
The court may appoint the Commissioner’s successor in office as receiver. However,
if a change in the receivership, in the judgment of the Superior judge, would be against
the financial interest of those concerned, the court may continue the receiver in
office at such reasonable compensation as the court may determine. If the deposits
of the insolvent financial institution are insured by the Federal Deposit Insurance
Corporation, the Superior judge, in his or her discretion, may appoint as receiver
of the financial institution the Federal Deposit Insurance Corporation to serve without
bonds and without compensation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)