Terms Used In Vermont Statutes Title 9 Sec. 4024

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • 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
  • Trading stamp: refers to any stamp or similar device issued in connection with the retail sale of merchandise or service, as a cash discount or for any other marketing purpose, that entitles the rightful holder, on its due presentation for redemption, to receive merchandise, service, or cash. See
  • Trading stamp company: refers to any person engaged in distributing trading stamps for retail issuance by others, or in redeeming trading stamps for retailers, in any way or under any guise. See

§ 4024. Registration; bond

(a) A trading stamp company shall not issue or distribute trading stamps in this State after September 1, 1959 until it has filed simultaneously with the Secretary of State on forms specified by him or her:

(1) A statement of registration accompanied by representative samples of its stamps, stamp collection books, stamp redemption catalogues, and stamp distribution and redemption agreement forms currently used or proposed to be used in this State. Each statement shall provide the following information:

(A) the name and principal address of the company;

(B) the state of its incorporation or origin;

(C) the names and addresses of its principal officers, partners, or proprietors;

(D) the address of its principal office in this State where the stamps shall be redeemable in cash;

(E) the name and address of its principal officer, employee, or agent in this State;

(F) the addresses of the places where its stamps are redeemable in cash in this State in addition to its principal office in this State;

(G) a short form of its balance sheet, as at the end of its last fiscal year before the filing, certified by an independent or certified public accountant;

(H) unless the principal sum of the bond required by this chapter to be filed by the company is the maximum amount required by this chapter, a statement of its gross income from its business in this State as a trading stamp company during the last fiscal year, certified by an independent or certified public accountant; and

(I) the date when the company first began doing business in this State.

(2) A bond payable to this State and duly executed by the company and a corporate surety qualified to do business in the State, which is conditioned upon the performance by the company of its obligation to redeem in merchandise, service, or cash, at the option of the rightful holder, trading stamps issued by retailers in this State, when they are duly presented for redemption by the rightful holders.

(b) The principal sum of the bond shall be as follows: If the company has not previously done business as a trading stamp company in this State, or if the company’s gross income from the business in this State during its last fiscal year was not in excess of $250,000.00, $25,000.00; if the gross income exceeded $250,000.00 but was not in excess of $500,000.00, $50,000.00; if the gross income exceeded $500,000.00 but was not in excess of $750,000.00, $75,000.00; and if the gross income exceeded $750,000.00, $100,000.00.

(c) The statement of registration and the bond shall be filed with the Secretary of State on or before September 1, 1959 and annually thereafter on or before July 1 of each year. The trading stamp company shall pay a registration fee of $250.00 to the Secretary of State at the time of filing each registration statement. The bond shall be effective for the registration year next following, unless the company gives notice of its intention to cease the distribution and redemption of trading stamps in this State.

(d) On the effective date of each new bond, any and all liability on all bonds previously filed under this chapter shall end and all rightful holders of trading stamps who prosecute their claims under this chapter shall prosecute the claims solely against the new bond and only by filing proofs of claim with a court of record in the manner provided in this chapter. (Added 1959, No. 240, § 4, eff. Sept. 1, 1959.)