Vermont § 933 Security and redemption funds

Vermont Statutes

§ 933 — Security and redemption funds

Vermont § 933

Title 11Title 11: Corporations, Partnerships and Associations

Ch. 5Chapter 005: Scrip Corporations

This text of Vermont § 933 (Security and redemption funds) 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, § 933 (2026).

Text

Portions of bank deposits assigned to the scrip corporation shall be transferred on the books of the bank or trust company to such corporation and each portion so transferred shall be divided into two parts: a one-third part and a two-thirds part. The one-third part, hereinafter called the trust redemption part, both principal and interest, shall be the absolute property of such scrip corporation. The principal, but not the interest, of the two-thirds part, hereinafter called the security part, shall be deemed to be pledged to such scrip corporation to be used proportionately with all other bank or trust company deposits so pledged to it, to make up any deficiency in the trust fund needed to redeem all outstanding scrip. From time to time, the Commissioner may issue such regulations and or

Free access — add to your briefcase to read the full text and ask questions with AI

Portions of bank deposits assigned to the scrip corporation shall be transferred on the books of the bank or trust company to such corporation and each portion so transferred shall be divided into two parts: a one-third part and a two-thirds part. The one-third part, hereinafter called the trust redemption part, both principal and interest, shall be the absolute property of such scrip corporation. The principal, but not the interest, of the two-thirds part, hereinafter called the security part, shall be deemed to be pledged to such scrip corporation to be used proportionately with all other bank or trust company deposits so pledged to it, to make up any deficiency in the trust fund needed to redeem all outstanding scrip. From time to time, the Commissioner may issue such regulations and orders as he or she may deem necessary for the protection of the holders of such scrip, requiring such percentage of such security fund, theretofore or thereafter accruing, to be paid into the redemption trust fund of such scrip corporation, or releasing from the lien aforesaid all or any part of the security fund accordingly as he may deem that all or any part of such security fund is no longer needed. Any part of the security fund released from the lien aforesaid shall be the absolute property of the assignor.