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. § 933)
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§ 933. Security and redemption funds
Portions of bank deposits assigned to the scrip corporation shall be transferred on
the books of the bank or trust company to such corporation and each portion so transferred
shall be divided into two parts: a one-third part and a two-thirds part. The one-third
part, hereinafter called the trust redemption part, both principal and interest, shall
be the absolute property of such scrip corporation. The principal, but not the interest,
of the two-thirds part, hereinafter called the security part, shall be deemed to be
pledged to such scrip corporation to be used proportionately with all other bank or
trust company deposits so pledged to it, to make up any deficiency in the trust fund
needed to redeem all outstanding scrip. From time to time, the Commissioner may issue
such regulations and orders as he or she may deem necessary for the protection of
the holders of such scrip, requiring such percentage of such security fund, theretofore
or thereafter accruing, to be paid into the redemption trust fund of such scrip corporation,
or releasing from the lien aforesaid all or any part of the security fund accordingly
as he may deem that all or any part of such security fund is no longer needed. Any
part of the security fund released from the lien aforesaid shall be the absolute property
of the assignor.