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.
Subchapter
003
:
MOTOR BUSES
(Cite as: 23 V.S.A. § 888)
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§ 888. Alternative form of security
In lieu of all or part of the insurance or bond required by section 881 of this title, a motor bus owner may file with the Commissioner a bond conditioned for the payment
and discharge of all liability described in section 881 of this title provided the policy of insurance, if any, or bond is approved by an order of the
Transportation Board filed with the Commissioner determining the amount, if any, of
insurance to be procured and the amount of a bond in addition to or in substitution
for insurance. The Board may approve a bond without surety if it determines, by order
made upon proper showing, that a surety on the bond is not required by the public
interest because of the proven financial responsibility of the obligor, or because
of collateral security consisting of deposits in a Vermont bank or negotiable securities
held by such bank as trustee, or a combination thereof, pledged to secure the performance
of the bond upon terms and conditions prescribed by the Board. If the order requires
insurance or a surety bond, the policy of insurance or surety bond shall be executed
by a company authorized to do business in this State. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 2015, No. 47, § 24; 2019, No. 131 (Adj. Sess.), § 168.)