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
004
:
REORGANIZATION OR ESTABLISHMENT OF NEW FINANCIAL INSTITUTION
(Cite as: 8 V.S.A. § 19402)
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§ 19402. Petitioning court for hearing; notice; hearing; approval of plan
(a) Upon receiving the approval of the plan by the Commissioner, the committee or the
Commissioner may petition the Superior Court of Washington County, setting forth the
details of the plan that has been agreed upon and requesting the court to set a day
for hearing thereon. Thereupon the court shall make an order fixing a day for the
hearing of the petition, notice of which shall be given to the depositors and the
holders of equity interests in the financial institution by publication once in each
week for not less than two successive weeks immediately preceding the date of hearing
in some newspaper printed in the county where the financial institution’s principal
place of business is located, or in such other newspaper, having a general circulation
in the county, as the court may direct and by posting a copy of the notice upon the
front door of the financial institution.
(b) The court may adjourn the hearing from time to time and no further notice shall be
required. At the date of hearing, or any adjournment thereof, the court shall take
testimony, and if it appears that it is for the best interests of the depositors that
the plan be approved, the court may make an order approving the same and fixing the
terms and conditions upon which the receivership may be terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)