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2021 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 5 - Scrip Corporations
§ 930. Borrowing scrip by municipal corporations
Universal Citation:
11 VT Stats § 930 (2021)
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§ 930. Borrowing scrip by municipal corporations
All municipal corporations whether incorporated by special act or under general law may borrow scrip from the issuing corporation upon their promissory notes payable both principal and interest in scrip within one year, but not to an amount in any one year greater than one-half the taxes voted or assessed during such year. When such notes are paid, scrip to the amount of such payments shall be retired and not reissued unless against new security.
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