Vermont Statutes Title 22 Sec. 109
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Terms Used In Vermont Statutes Title 22 Sec. 109
- 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.
- 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
§ 109. Exemption from taxation
When the instrument providing the endowment declares that the institution shall be a free public library, such library and other property of the corporation shall be forever exempt from taxation.