Print
The Vermont Statutes Online
Title
08
:
Banking and Insurance
Chapter
209
:
CONSERVATION, LIQUIDATION, AND INSOLVENCY
Subchapter
002
:
FINANCIAL INSTITUTION CONSERVATORS
§
19208. Deposits
(a) In the
Commissioner's discretion, the Commissioner may permit the conservator to
receive deposits, but deposits received while the financial institution is in
the hands of the conservator shall not be subject to any limitation as to
payment or withdrawal, and those deposits shall be segregated and shall not be
used to liquidate any indebtedness of the financial institution existing at the
time that a conservator was appointed to it, or any subsequent indebtedness
incurred for the purpose of liquidating any indebtedness of the financial
institution existing at the time the conservator was appointed.
(b) Deposits so
received while the financial institution is in the hands of the conservator
shall be kept on hand in cash, invested in the direct obligations of the United
States, or deposited in financial institutions approved by the Commissioner.
(Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)