Vermont Statutes Title 8 Sec. 8514
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Terms Used In Vermont Statutes Title 8 Sec. 8514
- Bylaws: means those bylaws established by the Commission for its governance or for directing or controlling the Commission's actions or conduct. See
- Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
- Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter. See
- State: means any state, district, or territory of the United States of America. See
§ 8514. Dissolution of compact
(a) The compact dissolves effective upon the date of the withdrawal or default of the compacting state that reduces membership in the compact to one compacting state.
(b) Upon the dissolution of this compact, the compact becomes null and void and shall be of no further force or effect, and the business and affairs of the Commission shall be wound up and any surplus funds shall be distributed in accordance with the bylaws. (Added 2005, No. 70, § 2.)