§ 3681 - Complaint to superior court - Vermont Statutes

§ 3681. Complaint to superior court

If an educational corporation or association holds a fund of which, whether by statute or by usage, only the income may be expended, and, because of such limitation, such corporation or association is unable to reduce its indebtedness and to pay its debt and expenses from its current receipts, so that cessation of its activities or winding-up of its affairs and liquidation is threatened or impends, such corporation or association may bring its complaint to the superior court in the county in which it has its principal place of business, for relief as hereinafter provided. (Amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)