The Vermont Statutes Online
The Statutes below include the actions of the 2024 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 32 : Taxation and Finance
Chapter 003 : Fiscal Officers and Commissions
Subchapter 001 : TREASURER
(Cite as: 32 V.S.A. § 109)-
§ 109. Solicitations and contributions prohibited
(a) As used in this section:
(1) “Firm” means any person or entity that provides investment services and includes the owner of the firm, excluding those shareholders owning less than one percent holdings in the firm’s outstanding shares, and all managers, officers, directors, partners, or employees who have managerial or discretionary responsibility to invest funds, manage funds, or provide investment services.
(2) “Investment services” means legal services, investment banking services, investment advisory services, underwriting services, financial advisory services, or brokerage firm services for brokerage, underwriting, and financial advisory activities that are within the statutory purview of the Treasurer.
(3) “Treasurer” means the Treasurer of the State of Vermont.
(b) A firm that currently has a contract with the State Treasurer or a political committee established by that firm shall not make a contribution to, or solicit contributions on behalf of, a candidate for the Office of Treasurer. A violation of this subsection shall be considered a material breach and a default by the firm of any contract issued to it by the Treasurer. Upon the occurrence of such a material breach and default, the Treasurer shall notify the firm of the State’s intention to terminate the firm’s contract. The Treasurer shall forthwith seek to reissue the contract to another person or entity in accordance with existing law and procedures. This subsection shall not preclude the payment of compensation, expenses or fees to a firm that has violated this subsection regarding work performed or expenses incurred prior to the date the contract is terminated.
(c) The Treasurer shall not enter into any contract with any firm if the firm or a political committee established by that firm has made a contribution or solicited contributions on behalf of a candidate for the Office of Treasurer after July 1, 1997 and within five years of the date of the contract. (Added 1997, No. 64, § 26.)
