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The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
209
:
CONSERVATION, LIQUIDATION, AND INSOLVENCY
Subchapter
003
:
RECEIVERSHIP AND DISSOLUTION
§
19313. Authority of Court to enforce Commissioner's order
The Court shall
thereupon issue a notice to the treasurer and president of such financial
institution and to any officer who is alleged in such petition to have failed
to proceed in conformity with the requirements of law, to appear at a time and
place named therein and show cause why an injunction or proper remedial order
should not be issued. If sufficient cause is not shown, the Court shall have
power:
(1) To allow
such financial institution to continue to transact business in conformity with
the requirements of law subject to such orders, conditions or restrictions as
the evidence in the case and the interests involved shall require; or
(2) If it
appears that it is unsafe or inexpedient for such financial institution to
continue to transact business, to appoint a receiver or receivers to take
charge of the property and effects of the financial institution; and such
receivership shall be subject to the provisions of this subchapter applicable in
case of a receiver appointed on petition of the Commissioner on ascertainment
of a financial institution's insolvency. (Added 1999, No. 153 (Adj. Sess.), §
2, eff. Jan. 1, 2001.)