§929. Redemption right

Link to law: http://legislature.vermont.gov/statutes/section/11/005/00929
Published: 2015

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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

005

:
SCRIP CORPORATIONS











 

§

929. Redemption right

If scrip is

issued in return for bonds of this state or of the United States, the issuing

corporation shall give a receipt for such bonds. Within the time named in such

receipt and under such rules as the commissioner may prescribe, the holder of

such receipt may present the same together with scrip to the amount advanced,

or lawful money to the amount named therein, and receive the bonds named in

such receipt, exclusive of accrued interest on such bonds from date of deposit to

date of maturity. Such redemption right shall not extend for more than one year

unless renewed with the consent of the commissioner.
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