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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 209 : CONSERVATION, LIQUIDATION, AND INSOLVENCY

Subchapter 003 : Receivership and Dissolution

(Cite as: 8 V.S.A. § 19313)
  • § 19313. Authority of Court to enforce Commissioner's order

    The Court shall thereupon issue a notice to the treasurer and president of such financial institution and to any officer who is alleged in such petition to have failed to proceed in conformity with the requirements of law, to appear at a time and place named therein and show cause why an injunction or proper remedial order should not be issued. If sufficient cause is not shown, the Court shall have power:

    (1) To allow such financial institution to continue to transact business in conformity with the requirements of law subject to such orders, conditions or restrictions as the evidence in the case and the interests involved shall require; or

    (2) If it appears that it is unsafe or inexpedient for such financial institution to continue to transact business, to appoint a receiver or receivers to take charge of the property and effects of the financial institution; and such receivership shall be subject to the provisions of this subchapter applicable in case of a receiver appointed on petition of the Commissioner on ascertainment of a financial institution's insolvency. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)