(a) By order, the Superior judge shall limit the time for creditors of the Vermont financial institution to present and prove their claims before the receiver.

(b) Within 60 days from the date of such order, the receiver shall cause notice thereof to be given by publication for three weeks successively in a newspaper printed and circulated in the county where such Vermont financial institution is located. The time allowed for creditors to present and prove their claims shall not be less than six months and may be extended as circumstances require. Claims not presented within the time limit shall not share in the assets of the Vermont financial institution. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)