The Vermont Statutes Online

Title 11B: Nonprofit Corporations

Chapter 17: APPLICABILITY

11B V.S.A. § 17.05. Public benefit and mutual benefit corporations



§ 17.05. Public benefit and mutual benefit corporations

Each domestic corporation existing on the effective date of this chapter that is or becomes subject to this chapter shall be classified as a public benefit or a mutual benefit corporation as follows:

(1) any corporation classified by statute as a public benefit corporation or a mutual benefit corporation is the type of corporation so classified by statute;

(2) any corporation which does not come within subdivision (1) of this section but which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation;

(3) any corporation which does not come within subdivision (1) or (2) of this section, but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to the United States, a state or a person which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and

(4) any corporation which does not come within subdivision (1), (2) or (3) of this section is a mutual benefit corporation. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)