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.
(Cite as: 11 V.S.A. § 926)
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§ 926. Redemption
Scrip shall not be issued unless its redemption is secured by:
(1) Short-term notes and obligations of towns, cities, or other municipalities lawfully
issued to such scrip corporation as hereinafter provided. Scrip may be issued to
the amount of the face of such notes or obligations, exclusive of interest.
(2) The direct obligations of this State or of the United States; and scrip shall not
be issued against the security of such obligations in excess of 75 percent of the
face thereof or the market value thereof, whichever is the lesser.
(3) Deposits in banks having their principal place of business within this State and approved
by the Commissioner. Scrip may not be issued against the security of such deposits
to an amount in excess of one-third of the principal of such deposits assigned to
the scrip corporation. The Commissioner may adopt rules limiting the percentage and
maximum amount and providing for the minimum amounts exceeding the usual percentage
of any single bank deposit which may be so assigned as security. Such amount and percentages
may be varied with respect to the class of deposits, whether savings or commercial
or on certificate of deposit, and also with respect to the amount of such deposits. (Amended 2015, No. 23, § 102.)