Vermont Statutes Title 8 Sec. 3920
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Terms Used In Vermont Statutes Title 8 Sec. 3920
- 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.
§ 3920. Doing business as an assessment cooperative corporation or a nonassessment cooperative corporation
(a) An assessment cooperative corporation shall not be authorized or permitted to begin or do business until it has bona fide applications for insurance on property whose total aggregate dollar exposure value at risk amounts to not less than $2,500,000.00.
(b) A nonassessment cooperative insurance corporation is one that has received approval of the Commissioner and has met the requirements of subsections 3930(a) and (b) of this title. (Amended 1981, No. 6, § 5.)