Vermont Statutes Title 16 Sec. 3683
Terms Used In Vermont Statutes Title 16 Sec. 3683
- Continuance: Putting off of a hearing ot trial until a later time.
- 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.
§ 3683. Hearing; determination
If the Superior Court shall find upon hearing that the situation of such corporation or association is within the provisions of section 3681 of this title, that its affairs have been conducted in a proper manner, and that the purposes of its organization, the nature and results of its activities, and the general welfare require its continuance as a going organization, such court may authorize such corporation or association to use such part of the principal of such fund upon such terms as such court shall determine may be necessary to enable such corporation or association to rehabilitate itself and free itself in part or in whole from its indebtedness. (Amended 1973, No. 193 (Adj. Sess.), § 3, eff. April 9, 1974.)