§ 19406. Orders under which financial institution may continue business
Those orders shall provide that deposits received after the petition is filed and before the final decree shall be kept in cash or invested in such liquid securities as the Commissioner shall approve and segregated from the prior assets of the financial institution and shall constitute a fund for the repayment in full of deposits made after the filing of the petition. Those orders shall further provide that no withdrawal of prior deposits may be permitted except on such notice and to such specified amounts and in such specified percentage as the Commissioner determines clearly will not result in a preference. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 209 - Conservation, Liquidation, and Insolvency
§ 19102. Governor’s proclamation
§ 19104. Restrictions continued after holidays
§ 19105. Orders as to deposits and debts due financial institution
§ 19106. Withdrawals, rateable share of depositor’s interest
§ 19107. Publication of orders
§ 19109. New commercial or savings deposits authorized; withdrawals
§ 19201. Appointment and bonding of conservators
§ 19202. Conservation of assets
§ 19203. Powers of conservator
§ 19204. Rights of interested parties
§ 19205. Fiduciary powers; appointment of new trustee for trust accounts
§ 19209. Termination of conservatorship
§ 19210. Notice to depositors of termination of conservatorship
§ 19301. Application for receiver; petition to divide losses
§ 19302. Appointment of receiver; notice and hearing
§ 19304. Commissioner as receiver
§ 19305. Duties and rights of receiver
§ 19306. Federal deposit insurance corporation
§ 19309. Limitation on time for proving claims
§ 19310. Submission of disallowed claims to Superior judge
§ 19311. Order to discontinue unauthorized practices
§ 19312. Failure to comply with Commissioner’s order
§ 19313. Authority of Court to enforce Commissioner’s order
§ 19314. Accounting and report of receiver
§ 19401. Plan for reopening or establishment of new financial institution
§ 19402. Petitioning Court for hearing; notice; hearing; approval of plan
§ 19403. Depositor’s objection to plan; receivership continued
§ 19404. Deposits of public money
§ 19405. Deposits not paid or received; business continued
§ 19406. Orders under which financial institution may continue business
§ 19407. Expenses; deposits received after petition filed