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. § 19403)
-
§ 19403. Depositor’s objection to plan; receivership continued
If any of the depositors of the Vermont financial institution file written objections
to the approval of the plan and refuse to consent to the plan, the court at the hearing
may direct the receiver to set aside assets of each class of the receivership, in
such amounts and character as the court finds to be just and equitable. Upon such
terms as may be just and equitable, the court shall continue the receivership as to
those assets and those depositors, and direct the receiver to turn over the remainder
of the assets of the financial institution in his or her hands to the new or reorganized
financial institution when directed so to do by the Commissioner, and discharge the
receiver from further liability. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 314, eff. July 1, 2022.)