§ 12401 - Limitation; form - Vermont Statutes

§ 12401. Limitation; form

(a) A Vermont financial institution may not authorize dividends, distributions or withdrawals that reduce capital below the higher of the amount required under the certificate of general good or section 14104 of this title without the prior approval of the commissioner.

(b) Dividends, distributions, and withdrawals shall be in cash or as otherwise authorized by the commissioner. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)