§ 928 - Issuance; rights of holders; liquidations; actions - Vermont Statutes

§ 928. Issuance; rights of holders; liquidations; actions

A corporation authorized to issue scrip may issue the same to such persons, including corporations and municipalities, as assign to it securities enumerated in section 926 of this title, subject, however, to such limitations as are imposed by this chapter or any rules and regulations lawfully prescribed thereunder. All persons accepting such scrip shall take the same subject to the right of the state by statute or by rules, regulations and orders of the commissioner to regulate, control and modify the rights and obligations under and with respect to such scrip for the equal protection of all holders and the public welfare or safety. Included within the foregoing shall be the power to provide for liquidation and distribution of the security for such scrip, to fix maturity dates and to provide for actions and limitations thereon with respect to the same.