Vermont Statutes Title 10 Sec. 328
Terms Used In Vermont Statutes Title 10 Sec. 328
- 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.
- 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
§ 328. Creation of the Sustainable Jobs Fund Program
(a) There is created the Sustainable Jobs Fund Program to create quality jobs that are compatible with Vermont’s natural and social environment.
(b) The Vermont Economic Development Authority shall incorporate a nonprofit corporation pursuant to the provisions of subdivision 216(14) of this title to administer the Sustainable Jobs Fund Program, and to fulfill the purposes of this chapter by means of loans or grants to eligible applicants for eligible activities, provided that any funds contributed to the Program by the Authority under subsection (c) of this section shall be used for lending purposes only.
(c)(1) Notwithstanding the provisions of subdivision 216(14) of this title, the Authority may contribute not more than $1,000,000.00 to the capital of the corporation formed under this section, and the Board of Directors of the corporation formed under this section shall consist of:
(A) the Secretary of Commerce and Community Development or designee;
(B) the Secretary of Agriculture, Food and Markets or designee;
(C) a director appointed by the Governor; and
(D) eight independent directors, no more than two of whom shall be State government employees or officials, and who shall be selected as vacancies occur by vote of the existing directors from a list of names offered by a nominating committee of the Board created for that purpose.
(2)(A) Each independent director shall serve a term of three years or until his or her earlier resignation.
(B) A director may be reappointed, but no independent director and no director appointed by the Governor shall serve for more than three terms.
(C) The director appointed by the Governor shall serve at the pleasure of the Governor and may be removed at any time with or without cause.
(3) A director of the Board who is or is appointed by a State government official or employee shall not be eligible to hold the position of Chair, Vice Chair, Secretary, or Treasurer of the Board.
(d) [Repealed.]
(e) The Agency of Commerce and Community Development shall have the authority and responsibility for the administration and implementation of the Program.
(f) The Vermont Sustainable Jobs Fund Program shall work collaboratively with the Agency of Agriculture, Food and Markets to assist the Vermont slaughterhouse industry in supporting its efforts at productivity and sustainability. (Added 1995, No. 46, § 15, eff. April 20, 1995; amended 1995, No. 190 (Adj. Sess.), § 1(b); 2003, No. 122 (Adj. Sess.), § 225; 2009, No. 146 (Adj. Sess.), § G18, eff. June 1, 2010; 2011, No. 52, §§ 35a, 37, 38, eff. May 27, 2011; 2011, No. 139 (Adj. Sess.), § 51, eff. May 14, 2012; 2015, No. 157 (Adj. Sess.), § O.1, eff. June 2, 2016.)