Vermont Statutes Title 22 Sec. 102
Terms Used In Vermont Statutes Title 22 Sec. 102
- 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.
- Donor: The person who makes a gift.
- Grantor: The person who establishes a trust and places property into it.
- Municipality: means a town, city, or incorporated village only and shall not include school districts, incorporated school or fire districts, or any other governmental incorporated units. See
- Personal property: All property that is not real property.
- Public library: means any library established and maintained by a municipality or by a private association, corporation, or group to provide basic library services free of charge to all residents of a municipality or a community and which receives its annual financial support in whole or in part from public funds. See
- seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. 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
§ 102. General authority; procedure
(a) Trustees to whom real or personal property is devised, bequeathed, granted, conveyed, or donated for the foundation and establishment of a public library, may, unless otherwise provided by the devisor, grantor, or donor of the property, in order to promote the establishment, maintenance, and management of the library, form a corporation under the provisions of this section and section 103 of this title.
(b) The trustees may make, sign and acknowledge, and file in the office of the Secretary of State a statement in writing setting forth the intent of the trustees to form a corporation, a copy of the will or instrument by which the endowment of such library is provided, the name adopted for the corporation, which shall not be the name of a corporation already existing, and the name of the municipality in which the library and the principal place of business of the corporation will be located, the managers who may be designated trustees, managers, or directors of such corporation, and the names of the trustees, managers, or directors who are to constitute the original board and who shall hold office until their successors are elected and qualified as provided in section 106 of this title.
(c) The Secretary of State shall, upon receipt of the statement, issue to the incorporators, under seal, a certificate of which the statement shall be a part, declaring that the organization of the corporation is perfected. The incorporators shall record the certificate in the office of the county clerk of the county in which the library is to be located. Upon recording of the certificate, the corporation shall be deemed fully organized and may proceed to carry out its corporate purposes and receive by conveyance from the trustees the property provided for the endowment of the library. The corporation may hold the property in whatever form it was received or conveyed by the trustees, until that form is changed by action of the corporation. (Amended 1989, No. 28, § 5.)