Vermont Statutes Title 11 Sec. 928
Terms Used In Vermont Statutes Title 11 Sec. 928
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Scrip: as used in this chapter includes certificates having no fixed maturity, transferable by delivery, and payable to bearer in lawful currency when realized out of the assets pledged to secure such scrip. 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
- Statute: A law passed by a legislature.
§ 928. Issuance; rights of holders; liquidations; actions
A corporation authorized to issue scrip may issue the same to such persons, including corporations and municipalities, as assign to it securities enumerated in section 926 of this title, subject, however, to such limitations as are imposed by this chapter or any rules and regulations lawfully prescribed thereunder. All persons accepting such scrip shall take the same subject to the right of the State by statute or by rules, regulations, and orders of the Commissioner to regulate, control, and modify the rights and obligations under and with respect to such scrip for the equal protection of all holders and the public welfare or safety. Included within the foregoing shall be the power to provide for liquidation and distribution of the security for such scrip, to fix maturity dates, and to provide for actions and limitations thereon with respect to the same.