Vermont Statutes Title 5 Sec. 3478
Terms Used In Vermont Statutes Title 5 Sec. 3478
- 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.
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. 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
- Statute: A law passed by a legislature.
§ 3478. Organization of railroad corporations; continuation of existing corporations
(a) Notwithstanding 11A V.S.A. § 3.01(b)(4), a corporation for the purpose of owning or operating a railroad may be organized under the general laws of this State in the same manner as other corporations.
(b) Any domestic railroad corporation in existence before July 1, 1994 shall continue in existence and shall not be required to file new or amended articles of incorporation or to obtain a new or amended charter to continue its corporate existence.
(c) Any foreign railroad corporation authorized to do business in this State before July 1, 1994 shall continue to be authorized to do business in this State and shall not be required to obtain a new or amended certificate of authority.
(d) A domestic railroad corporation formed by voluntary association and a domestic railroad corporation chartered by the General Assembly, where the power to amend or repeal the charter was reserved by the General Assembly, shall be subject to the provisions of Title 11A, as the same may be amended from time to time, except in the case of an unambiguous inconsistency with a specific statute pertaining expressly to railroads or railroad corporations.
(e) A domestic railroad corporation chartered by the General Assembly, where the power to amend or repeal the charter was not reserved by the General Assembly, shall be subject to the provisions of Title 11A, as the same may be amended from time to time, except in the case of an unambiguous inconsistency with a specific statute pertaining expressly to railroads or railroad corporations or with a provision of the corporation’s charter. (Added 1993, No. 172 (Adj. Sess.), § 46; amended 2017, No. 113 (Adj. Sess.), § 10.)