§ 19402 - Petitioning court for hearing; notice; hearing; approval of plan - Vermont Statutes

§ 19402. Petitioning court for hearing; notice; hearing; approval of plan

(a) Upon receiving the approval of the plan by the commissioner, the committee or the commissioner may petition the superior court of Washington County, setting forth the details of the plan which has been agreed upon and requesting the court to set a day for hearing thereon. Thereupon the court shall make an order fixing a day for the hearing of the petition, notice of which shall be given to the depositors and the holders of equity interests in the financial institution by publication once in each week for not less than two successive weeks immediately preceding the date of hearing in some newspaper printed in the county where the financial institution's principal place of business is located, or in such other newspaper, having a general circulation in the county, as the court may direct and by posting a copy of the notice upon the front door of the financial institution.

(b) The court may adjourn the hearing from time to time and no further notice shall be required. At the date of hearing, or any adjournment thereof, the court shall take testimony, and if it appears that it is for the best interests of the depositors that the plan be approved, the court may make an order approving the same and fixing the terms and conditions upon which the receivership may be terminated. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)