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NO. 10. AN ACT RELATING TO APPLICATION OF NONPROFIT CORPORATIONS’ LAW TO EXISTING DOMESTIC CORPORATIONS .

(H.107)

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. 11B V.S.A. § 17.01 is amended to read:

§ 17.01. APPLICATION TO EXISTING DOMESTIC CORPORATIONS

The provisions of this title shall apply to all existing corporations organized under any general or special act of this state providing for the organization of corporations for a purpose or purposes for which a corporation might be organized under this title*[, and to all existing corporations doing business in this state organized under the laws of another state, upon such corporation’s filing an irrevocable election with the secretary of state electing to have all the provisions of the title applied to it]*.

Sec. 2. APPLICABILITY

The provisions of this act shall not affect any liability, civil or criminal, of a corporation or stockholder, member, officer, or agent thereof, for any act done prior to July 1, 1997; nor shall such provisions affect the rights of any nature acquired prior to such date by a corporation, member, stockholder, creditor, or any other person. Such liabilities and rights may be enforced and enjoyed as though the laws in force prior to such date were still in full effect, but subject to all other provisions of law applicable thereto.

Approved: May 5, 1997