Vermont Statutes Title 11 Sec. 802
Terms Used In Vermont Statutes Title 11 Sec. 802
- Director: means a director of a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- 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.
§ 802. No liability as director for mutual benefit enterprise‘s obligations
A debt, obligation, or other liability of a mutual benefit enterprise is solely that of the enterprise and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an enterprise solely by reason of being a director. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Statutes Title 11 Sec. 802
Terms Used In Vermont Statutes Title 11 Sec. 802
- 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.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- 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
§ 802. Articles of association
One or more individuals, each of whom is licensed to render a professional service, may incorporate a professional corporation by filing articles of association with the Secretary of State. The articles of association shall meet the requirements of the general corporation law under chapter 17 of this title, except that the number of incorporators or directors may be the same as the number of individuals incorporating. In addition thereto, it shall contain the following:
(1) the profession to be practiced through the professional corporation;
(2) the names and residence addresses of all of the original shareholders, directors and officers of the professional corporation; and
(3) a certificate by the regulating board of the profession involved that each of the incorporators, directors, and shareholders is duly licensed to practice such profession. (1963, No. 218, § 3, eff. July 3, 1963; amended 1981, No. 64; 1983, No. 127 (Adj. Sess.), § 1.)