Vermont Statutes Title 8. Banking and Insurance, § 4486. Injunction; liquidation; receivership of domestic society

(1) has exceeded its powers;

(2) has failed to comply with any provision of this chapter;

(3) is not fulfilling its contracts in good faith;

(4) has a membership of less than 400 after an existence of one year or more; or

(5) is conducting business fraudulently or in a manner hazardous to its members, creditors, the public, or the business; he or she shall notify the society of his or her findings, state in writing the reasons for his or her dissatisfaction, and require the society to show cause on a date named why it should not be enjoined from carrying on any business until the violation complained of shall have been corrected, or why an action in quo warranto should not be commenced against the society.

(c)(1) The court shall thereupon notify the officers of the society of a hearing. If after a full hearing it appears that the society should be so enjoined or liquidated or a receiver appointed, the court shall enter the necessary order.

(2) No society so enjoined may do business until:

(3) If the court orders the society liquidated, the society shall be enjoined from carrying on any further business, whereupon the receiver of the society shall proceed at once to take possession of the books, papers, money, and other assets of the society and, under the direction of the court, immediately proceed to close the affairs of the society and to distribute its funds to those entitled to its funds.