Skip to navigation Skip to content Skip to subnav
Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 209 : CONSERVATION, LIQUIDATION, AND INSOLVENCY

Subchapter 004 : Reorganization or Establishment of New Financial Institution

(Cite as: 8 V.S.A. § 19401)
  • § 19401. Plan for reopening or establishment of new financial institution

    If any Vermont financial institution has been closed by action of the Commissioner or its governing body and a receiver, either temporary or permanent, appointed or petitioned for, the depositors thereof, representing not less than 75 percent of the deposit liability, and with the approval and consent of the Commissioner, may join in a plan for the reopening or reorganization of the financial institution or the establishing of a new financial institution, and may select a committee of not more than 12 depositors to represent them for the purpose of carrying the plan into effect. However, a depositor who has been notified and does not refuse to give his or her consent within 15 days of that notification shall be included in reckoning that 75 percent. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)