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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. § 19406)
  • § 19406. Orders under which financial institution may continue business

    Those orders shall provide that deposits received after the petition is filed and before the final decree shall be kept in cash or invested in such liquid securities as the Commissioner shall approve and segregated from the prior assets of the financial institution and shall constitute a fund for the repayment in full of deposits made after the filing of the petition. Those orders shall further provide that no withdrawal of prior deposits may be permitted except on such notice and to such specified amounts and in such specified percentage as the Commissioner determines clearly will not result in a preference. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)