§19207. Withdrawals

Link to law: http://legislature.vermont.gov/statutes/section/08/209/19207
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

209

:
CONSERVATION, LIQUIDATION, AND INSOLVENCY






Subchapter

002
:
FINANCIAL INSTITUTION CONSERVATORS










 

§

19207. Withdrawals

While the

financial institution is in the hands of the conservator appointed by the

Commissioner, the Commissioner may require the conservator to set aside and

make available for withdrawal by depositors and payment to other creditors, on

a rateable basis, such amounts as in the opinion of the Commissioner may safely

be used for this purpose. The conservator may borrow money on the assets of the

financial institution to provide funds therefor. (Added 1999, No. 153 (Adj.

Sess.), § 2, eff. Jan. 1, 2001.)
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