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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 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.

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. § 19404)
  • § 19404. Deposits of public money

    If, in any financial institution referred to in section 19401 of this title, there are deposits of public money belonging to the State or any political subdivision of the State, the State Treasurer, if the deposit belongs to the State, and the Treasurer of any political subdivision, by and with the consent of the governing body of the political subdivision to which any such deposit may belong, may join with other depositors of the financial institution in a plan for the reopening or reorganizing of the institution or the establishment of a new financial institution, or the restricting of the withdrawal of deposits and for that purpose may bind the State or political subdivision, after being authorized, to limit withdrawals from that deposit over a period of time and in accordance with the plan as may have been agreed to by the other depositors of the financial institution joining in the plan. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001; amended 2021, No. 105 (Adj. Sess.), § 315, eff. July 1, 2022.)