Vermont § 19304 - Commissioner as receiver The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity

§ 19304. Commissioner as receiver The Commissioner shall be appointed as such receiver unless the Superior judge is satisfied that it would be inadvisable for the Commissioner to act in that capacity

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  The Commissioner and successors of the Commissioner as receiver shall serve without
  compensation other than his or her stated compensation as Commissioner, but the Commissioner
  shall be allowed clerical and other expense necessary in the conduct of the receivership.
  The court may appoint the Commissioner’s successor in office as receiver. However,
  if a change in the receivership, in the judgment of the Superior judge, would be against
  the financial interest of those concerned, the court may continue the receiver in
  office at such reasonable compensation as the court may determine. If the deposits
  of the insolvent financial institution are insured by the Federal Deposit Insurance
  Corporation, the Superior judge, in his or her discretion, may appoint as receiver
  of the financial institution the Federal Deposit Insurance Corporation to serve without
  bonds and without compensation. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)