Vermont Statutes Title 11 Sec. 822
Terms Used In Vermont Statutes Title 11 Sec. 822
- 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.
§ 822. General powers
(a) Except as provided in subsection (b) of this section, a professional corporation has the powers enumerated in 11A V.S.A. § 3.02.
(b) A professional corporation may be a promoter, general partner, member, associate, or manager of a partnership, joint venture, trust, or other entity, only if the entity is engaged solely in rendering professional service or in carrying on business authorized by the professional corporation’s articles of incorporation. (Added 2001, No. 77 (Adj. Sess.), § 1.)
Vermont Statutes Title 11 Sec. 822
Terms Used In Vermont Statutes Title 11 Sec. 822
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Contract: A legal written agreement that becomes binding when signed.
- 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
§ 822. Appointment and authority of officers
(a) A mutual benefit enterprise has the officers:
(1) provided in the organic rules; or
(2) established by the board of directors in a manner not inconsistent with the organic rules.
(b) The organic rules may designate or, if the rules do not designate, the board of directors shall designate one of the enterprise’s officers for preparing all records required by section 114 of this title and for the authentication of records.
(c) Unless the organic rules otherwise provide, the board of directors shall appoint the officers of the mutual benefit enterprise.
(d) Officers of a mutual benefit enterprise shall perform the duties the organic rules prescribe or as authorized by the board of directors not in a manner inconsistent with the organic rules.
(e) The election or appointment of an officer of a mutual benefit enterprise does not of itself create a contract between the enterprise and the officer.
(f) Unless the organic rules otherwise provide, an individual may simultaneously hold more than one office in a mutual benefit enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)