There Is a Newer Version of the Vermont Statutes
  1. 2025 Vermont Stat.
  2. 2024 Vermont Stat.
  3. 2023 Vermont Stat.
  4. 2012 Vermont Stat. (here)
  5. View All Versions
View Our Newest Version Here

2012 Vermont Statutes
Title 11 Corporations, Partnerships and Associations
Chapter 5 SCRIP CORPORATIONS
§ 932 Indebtedness pledged to secure scrip


11 V.S.A. § 932. What's This?

§ 932. Indebtedness pledged to secure scrip

All evidences of indebtedness pledged to secure scrip shall be delivered and held by the corporation issuing such scrip in trust to secure the redemption thereof in legal tender. All bank deposits securing scrip shall be assigned to such issuing corporation and by it held in trust as herein provided, but the interest and income on such pledged securities and on one-third of such assigned bank deposits may be used to defray the expenses of such corporation and to create a reserve and surplus for future expenses and redemption of scrip.

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.