Vermont Statutes Title 10 Sec. 374c
Terms Used In Vermont Statutes Title 10 Sec. 374c
- Authority: means the Vermont Economic Development Authority. See
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Program: means the Vermont Agricultural Credit Program established by this chapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 374c. Incorporation; board of directors
The Vermont Economic Development Authority shall incorporate a nonprofit corporation to administer the Vermont agricultural credit program and to fulfill the goals and purposes of this chapter. The voting members of the Authority shall be the board of directors of the corporation, and the manager of the Authority shall serve as the president and chief executive officer of the corporation. Such corporation shall be organized and operate under the nonprofit corporation laws of the State of Vermont to the extent not inconsistent herewith. The Authority will have the power to contract with the corporation to provide staff and management needs of the corporation. (Added 1999, No. 25, § 1.)