24APPENDIX V.S.A. § 440
This is the official text of 24APPENDIX V.S.A. § 440, part of Vermont’s V.S.A — part of the compiled statutory law of Vermont, published by the state as "V.S.A." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
App. § 3-440. Same-right of City
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
Need a lawyer in Vermont?
Find a Vermont lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.