§932. Indebtedness pledged to secure scrip

Link to law: http://legislature.vermont.gov/statutes/section/11/005/00932
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

005

:
SCRIP CORPORATIONS











 

§

932. Indebtedness pledged to secure scrip

All evidences of

indebtedness pledged to secure scrip shall be delivered and held by the

corporation issuing such scrip in trust to secure the redemption thereof in

legal tender. All bank deposits securing scrip shall be assigned to such

issuing corporation and by it held in trust as herein provided, but the

interest and income on such pledged securities and on one-third of such

assigned bank deposits may be used to defray the expenses of such corporation and

to create a reserve and surplus for future expenses and redemption of scrip.
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