Vermont § 930 Borrowing scrip by municipal corporations

Vermont Statutes

§ 930 — Borrowing scrip by municipal corporations

Vermont § 930

Title 11Title 11: Corporations, Partnerships and Associations

Ch. 5Chapter 005: Scrip Corporations

This text of Vermont § 930 (Borrowing scrip by municipal corporations) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 11, § 930 (2026).

Text

All municipal corporations whether incorporated by special act or under general law may borrow scrip from the issuing corporation upon their promissory notes payable both principal and interest in scrip within one year, but not to an amount in any one year greater than one-half the taxes voted or assessed during such year. When such notes are paid, scrip to the amount of such payments shall be retired and not reissued unless against new security.

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All municipal corporations whether incorporated by special act or under general law may borrow scrip from the issuing corporation upon their promissory notes payable both principal and interest in scrip within one year, but not to an amount in any one year greater than one-half the taxes voted or assessed during such year. When such notes are paid, scrip to the amount of such payments shall be retired and not reissued unless against new security.