Vermont Statutes Title 30 Sec. 126
Terms Used In Vermont Statutes Title 30 Sec. 126
- 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
§ 126. Saving clause; corporations formed before April 2, 1915
All corporations formed prior to April 2, 1915, by special act or under the general laws of this State, that are conducting any business subject to regulation by the Public Utility Commission, shall, with respect to acts done after such date, be deemed to be within the provisions of this chapter and the provisions of the general corporation law in like manner as a corporation formed under this chapter. However, a corporation theretofore formed shall not do any act in violation of any restriction contained in its charter. The foregoing provisions of this section shall be subject to the exceptions and qualifications contained in 11 V.S.A. §§ 2 and 3, so far as the same may be applicable to corporations formed under the provisions of this chapter. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1985, No. 224 (Adj. Sess.), § 5.)