Vermont Statutes Title 11 Sec. 817
Terms Used In Vermont Statutes Title 11 Sec. 817
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. 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
§ 817. Definitions
In this chapter:
(1) “Disqualified person” means an individual or entity that for any reason is or becomes ineligible under this chapter to be issued shares by a professional corporation.
(2) “Domestic professional corporation” means a professional corporation incorporated under the laws of this State.
(3) “Foreign professional corporation” means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this State.
(4) “Licensing authority” means the officer, board, agency, court, or other authority in this State empowered to license or otherwise authorize the rendition of a professional service.
(5) “Professional corporation” means a corporation for profit, other than a foreign professional corporation, subject to the provisions of this chapter.
(6) “Professional service” means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this State to render the service, and may not be lawfully rendered by a corporation under Title 11A.
(7) “Qualified person” means an individual or general partnership that is eligible under this chapter to be issued shares by a professional corporation. (Added 2001, No. 77 (Adj. Sess.), § 1.)
Vermont Statutes Title 11 Sec. 817
Terms Used In Vermont Statutes Title 11 Sec. 817
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Director: means a director of a mutual benefit enterprise. See
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
§ 817. Committees
(a) Unless the organic rules otherwise provide, a board of directors may create one or more committees and appoint one or more individuals to serve on a committee.
(b) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a mutual benefit enterprise need not be a director or member.
(c) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee.
(d) Unless the organic rules otherwise provide, each committee of a mutual benefit enterprise may exercise the powers delegated to it by the board of directors, but a committee may not:
(1) approve allocations or distributions except according to a formula or method prescribed by the board of directors;
(2) approve or propose to members action requiring approval of members; or
(3) fill vacancies on the board of directors or any of its committees. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)