§19106. Withdrawals, rateable share of depositor's interest

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19106
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

209

:
CONSERVATION, LIQUIDATION, AND INSOLVENCY






Subchapter

001
:
APPLICABILITY OF CHAPTER; PAYMENTS RESTRAINED TO PRESERVE ASSETS OR PROTECT DEPOSITORS










 

§

19106. Withdrawals, rateable share of depositor's interest

While

restrictions are in force on the withdrawal of the deposits in a Vermont mutual

or cooperative financial institution, except those imposed by the financial

institution under the provisions of its internal governance documents,

withdrawals shall be counted as a part of the rateable share of the withdrawing

depositor's interest in the assets of a mutual or cooperative financial

institution to which he or she was entitled at the time the restrictions were

imposed if final liquidation of the financial institution takes place before

all those restrictions are removed. (Added 1999, No. 153 (Adj. Sess.), § 2,

eff. Jan. 1, 2001.)
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