Vermont Statutes Title 8 Sec. 3916
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Terms Used In Vermont Statutes Title 8 Sec. 3916
- 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.
§ 3916. Name, status and powers
Corporations to which certificates of authority are so issued shall be known as cooperative insurance corporations and may write the kinds of insurance enumerated in subdivisions 3301(a)(2)-(a)(8), and (a)(10) of this title, provided the corporation‘s surplus shall not be less than $500,000.00 and provided that such company shall first secure approval from the Commissioner to do so, which approval may be upon such terms and conditions as the Commissioner may prescribe. (Amended 1981, No. 6, § 4.)