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ACT NO. 102

(H.115)

Securities; Duties of Corporate Directors

This act makes amendments to Vermont's securities laws so that Vermont law will conform to federal law, which now preempts states from regulating certain securities and investment advisors. The act also amends Vermont's business corporation code so that directors of corporations domiciled in Vermont and registered with the Securities Exchange Commission may consider the interests of the corporation's employees, suppliers, creditors and customers, the economy of the state, community and societal considerations, and any other factor that the director believes to be in the best interests of the corporation, including the possibility that the corporation's interests may be best served by the continued independence of the corporation.

Effective Date: April 16, 1998