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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. § 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 thereto, 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 in relation thereto. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)