Vermont Statutes Title 17 Sec. 2924
Terms Used In Vermont Statutes Title 17 Sec. 2924
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Campaign: means any organized or coordinated activity undertaken by two or more persons, any part of which is designed to influence the nomination, election, or defeat of any candidate or the passage, defeat, or modification of any public question. See
- Candidate: means an individual who has taken affirmative action to become a candidate for State, county, local, or legislative office in a primary, special, general, or local election. See
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Contribution: means a payment, distribution, advance, deposit, loan, or gift of money or anything of value, paid or promised to be paid for the purpose of influencing an election, advocating a position on a public question, or supporting or opposing one or more candidates in any election. See
- Election: means the procedure whereby the voters of this State or any of its political subdivisions select a person to be a candidate for public office or to fill a public office or to act on public questions, including voting on constitutional amendments. See
- Public office: means any office in the U. See
- Secretary: means the Secretary of State. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 2924. Candidates; surplus campaign funds; new campaign accounts
(a) A candidate who has surplus funds after all campaign debts have been paid shall not convert the surplus to personal use, other than to reduce personal campaign debts or as otherwise provided in this chapter.
(b) Surplus funds in a candidate’s account shall be:
(1) contributed to other candidates, political parties, or political committees subject to the contribution limits set forth in this chapter;
(2) contributed to a charity;
(3) contributed to the Secretary of State Services Fund;
(4) rolled over into a new campaign or be carried forward for surplus maintenance as provided in subsection (d) of this section; or
(5) liquidated using a combination of the provisions set forth in subdivisions (1)-(4) of this subsection.
(c) The “final report” of a candidate shall indicate the amount of the surplus and how it has been liquidated.
(d)(1)(A) A candidate who chooses to roll over any surplus into a new campaign for public office shall close out his or her former campaign by converting all debts and assets to the new campaign.
(B) A candidate who does not intend to be a candidate in a subsequent election but who chooses to carry forward any surplus shall maintain that surplus by closing out his or her former campaign and converting all debts and assets to surplus maintenance.
(2) The candidate may use his or her former campaign’s treasurer and bank account for the new campaign under subdivision (1)(A) of this subsection or the maintenance of surplus under subdivision (1)(B) of this subsection. A candidate shall be required to file a new bank designation form only if there has been a change in the treasurer or the location of the campaign account. (Added 2013, No. 90 (Adj. Sess.), § 3, eff. Jan. 23, 2014.)