Vermont Statutes Title 11 Sec. 105
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Terms Used In Vermont Statutes Title 11 Sec. 105
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Entity: means a person other than an individual. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- State: means a state of the United States, District of Columbia, Puerto Rico, the U. See
§ 105. Purpose and duration of mutual benefit enterprise
(a) A mutual benefit enterprise is an entity distinct from its members.
(b) A mutual benefit enterprise may be organized for any lawful purpose, whether or not for profit.
(c) Unless the articles of organization state a term for a mutual benefit enterprise’s existence, the enterprise has perpetual duration. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)