2011 Vermont Code
Title 32 Taxation and Finance
Chapter 211 CORPORATION TAXES
§ 8397 Acceptance of plan
§ 8397. Acceptance of plan
If the board finds and reports that the proposed plan of reorganization is fair, feasible and practicable; that, if consummated, it will result in the continuous operation of the railroad for the benefit of the public served thereby; that there is a reasonable probability that it will be able to pay, when due, all taxes thereafter assessed against it by the state; that reduction of the claim for unpaid taxes due the state, in such amount as the board may recommend, is essential to the effective consummation of the plan; that the acceptance of the proposed compromise, the reduction of the claim in the amount recommended, and the cooperation by the state to the extent stated in carrying the proposed plan into effect will promote the general good of the state, the governor, with the approval of the emergency board, may compromise, adjust and settle the claim in accordance therewith. (Amended 1961, No. 275, { 3, eff. Aug. 1, 1961.)
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
