Vermont § 440 - Same—right of City
Full text of Vermont Vermont Statutes Online § 440 — Same—right of City, with citation guidance and answers to common questions.
§ 440. Same—right of City
- (a) The City shall have power by resolution of its Board of Light Commissioners to confer
upon any holder or holders of a specified amount or percentage of bonds, including
a trustee or trustees for such holders, the right in the event of an “event of default”
as defined in such resolution or as may be defined in any agreement with the holder
or holders of such bonds or the trustee or trustees therefor: (1) By suit, action, or proceedings in any court of competent jurisdiction to obtain the
appointment of a receiver of the electric plant or any part or parts thereof. If such
receiver be appointed, he or she may enter and take possession of such electric plant
or any part or parts thereof and operate and maintain the same, and collect and receive
all revenues thereafter arising therefrom in the same manner as the City itself might
do and shall deposit such monies in a separate account or accounts and apply the same
in accordance with the obligations of the City as the court shall direct. (2) By suit, action, or proceeding in any court of competent jurisdiction to require the
City to account as if it were the trustee of an express trust. (b) Any such resolution shall constitute a contract between the City and the holders of
bonds of such issue.
Frequently Asked Questions About Vermont § 440
What does Vermont Statutes Online § 440 cover?
Section 440 ("Same—right of City") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 440?
A common citation format is "Vermont Statutes Online § 440" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 440 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.