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 211 : Corporation Taxes
Subchapter 002 : RAILROADS
(Cite as: 32 V.S.A. § 8397)-
§ 8397. Acceptance of plan
If the Commission finds and reports that the proposed plan of reorganization is fair, feasible, and practicable; that, if consummated, it will result in the continuous operation of the railroad for the benefit of the public served thereby; that there is a reasonable probability that it will be able to pay, when due, all taxes thereafter assessed against it by the State; that reduction of the claim for unpaid taxes due the State, in such amount as the Commission may recommend, is essential to the effective consummation of the plan; that the acceptance of the proposed compromise, the reduction of the claim in the amount recommended, and the cooperation by the State to the extent stated in carrying the proposed plan into effect will promote the general good of the State, the Governor, with the approval of the Emergency Board, may compromise, adjust, and settle the claim in accordance therewith. (Amended 1961, No. 275, § 3, eff. Aug. 1, 1961.)
