Vermont Statutes Title 11 Sec. 11-16
Terms Used In Vermont Statutes Title 11 Sec. 11-16
- Articles of incorporation: include amended and restated articles of incorporation, articles of merger, and special charters. See
- 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.
- Domesticated corporation: means the corporation that exists after a domesticating corporation effects a domestication pursuant to sections 11. See
- Domesticating corporation: means the corporation that effects a domestication pursuant to sections 11. See
- Domestication: means a transaction authorized by sections 11. See
- Foreign corporation: means a corporation for profit incorporated under a law other than the law of this State. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Organization:
- Person: includes individual and entity. See
- Proceeding: includes civil suit and criminal, administrative, and investigatory action. See
- Secretary: means the corporate officer to whom the board of directors has delegated responsibility under subsection 8. See
- Service of process: The service of writs or summonses to the appropriate party.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 11.16. Effect of domestication
(a) When a domestication takes effect:
(1) The domesticated corporation is for all purposes the corporation that existed before the domestication.
(2) The property owned by the domesticating corporation remains vested in the domesticated corporation.
(3) The debts, obligations, and other liabilities of the domesticating corporation continue as debts, obligations, and other liabilities of the domesticated corporation.
(4) An action or proceeding pending by or against a domesticating corporation continues as if the domestication had not occurred.
(5) Except as prohibited by other law, the rights, privileges, immunities, powers, and purposes of the domesticating corporation remain vested in the domesticated corporation.
(6) Except as otherwise provided in the plan of domestication, the terms and conditions of the plan of domestication take effect.
(7) Except as otherwise agreed, the domestication does not dissolve a domesticating corporation for the purposes of this chapter 11.
(b)(1) A domesticated corporation that was a foreign corporation consents to the jurisdiction of the courts of this State to enforce a debt, obligation, or other liability the domesticating corporation owes, if, before the domestication, the domesticating corporation was subject to suit in this State on the debt, obligation, or other liability.
(2) A domesticated corporation that was a foreign corporation and not authorized to transact business in this State appoints the Secretary of State as its agent for service of process for purposes of enforcing a debt, obligation, or other liability under this subsection.
(3) A person shall serve the Secretary of State under this subsection in the same manner, and the service has the same consequences, as in section 5.04 of this title.
(c) A corporation that domesticates in a foreign jurisdiction shall deliver to the Secretary of State for filing a statement surrendering the corporation’s certificate of organization that includes:
(1) the name of the corporation;
(2) a statement that the articles of incorporation are surrendered in connection with the domestication of the company in a foreign jurisdiction;
(3) a statement that the corporation approved the domestication as required by this title; and
(4) the name of the relevant foreign jurisdiction. (Added 2015, No. 157 (Adj. Sess.), § E.1, eff. July 1, 2017.)