§19313. Authority of Court to enforce Commissioner's order

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19313
Published: 2015

Print

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.)
Read Entire Law on legislature.vermont.gov