Vermont Statutes Title 11 Sec. 1401
Terms Used In Vermont Statutes Title 11 Sec. 1401
- Certificate of authority: means a certificate issued by the Secretary of State for a foreign enterprise to transact business in this State. See
- Foreign enterprise: means an entity organized in a jurisdiction other than this State under a law similar to this title. 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.
- Mutual benefit enterprise: means an enterprise organized under this title. See
- State: means a state of the United States, District of Columbia, Puerto Rico, the U. See
§ 1401. Governing law
(a) The law of the State or other jurisdiction under which a foreign enterprise is organized governs relations among the members of the foreign enterprise and between the members and the foreign enterprise.
(b) A foreign enterprise may not be denied a certificate of authority because of any difference between the law of the jurisdiction under which the foreign enterprise is organized and the law of this State.
(c) A certificate of authority does not authorize a foreign enterprise to engage in any activity or exercise any power that a mutual benefit enterprise may not engage in or exercise in this State. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)