§19105. Orders as to deposits and debts due financial institution

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19105
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










 

§

19105. Orders as to deposits and debts due financial institution

During those

holidays and so long thereafter as the Governor approves, the Commissioner may

issue such orders as to the receipt and payment of deposits by, and the

creation and discharge of debts and obligations to or from a Vermont financial

institution under the Commissioner's supervision, as the Commissioner may deem

necessary for the protection and preservation of the public safety and

convenience or the equal protection of those Vermont financial institution's

depositors in view of then existing banking, business, or other pertinent

conditions. Those orders may apply to any Vermont financial institution, as may

be necessary for those purposes; and the orders may restrict or regulate all

business or any part of the business of a financial institution affected

thereby, including the time or manner or medium of payment, or limitations on

the amount or percentages of payment of deposits or of debts or obligations, or

the investment or the loaning of money, or the approval and acceptance of

security for new loans. The orders may classify financial institutions or

departments thereof or deposits or assets and liabilities and may vary with the

different classes, as may be required for fulfilling the purposes of this

section and sections 19102 through 19104 of this title. (Added 1999, No. 153

(Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Read Entire Law on legislature.vermont.gov