Vermont Statutes Title 11 Sec. 20-01
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Terms Used In Vermont Statutes Title 11 Sec. 20-01
- 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.
§ 20.01. Law applicable
This chapter shall apply only to close corporations organized under this chapter. The provisions of this title other than those set forth in this chapter shall apply to close corporations in the absence of a contrary or inconsistent provision in this chapter. A corporation whose status as a close corporation terminates shall immediately become subject to the obligations and rights of a general corporation as provided in this title. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)