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The Vermont Statutes Online
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.