Vermont Statutes Title 8 Sec. 3305
Terms Used In Vermont Statutes Title 8 Sec. 3305
- 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.
- seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. 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
§ 3305. Petition; hearing
Before the articles of association are transmitted to the Secretary of State, the incorporators shall petition the Commissioner to hold a public hearing, in the county where the proposed corporation is to have its principal office, to determine whether the establishment and maintenance of the proposed corporation will promote the general good of the State. The Commissioner shall thereupon appoint a time and place in such county for hearing the petition and shall make an order for the publication of the substance of the petition and of the time and place of the hearing three weeks successively in a newspaper published in the county, or, for want thereof, in an adjoining county, the last publication to be at least 12 days before the day appointed for the hearing. If, after the hearing, the Commissioner finds and adjudges that the establishment and maintenance of the proposed corporation will promote the general good of the State, he or she shall give the incorporators a certificate to that effect under his or her seal. In determining the general good of the State as herein required, the Commissioner shall consider:
(1) The character, reputation, financial standing, and purposes of the organizers, incorporators, and subscribers organizing the proposed insurer or organization.
(2) The character, reputation, financial responsibility, insurance experience, and business qualifications of its proposed officers and directors.
(3) Such other aspects of the proposed insurer or financing as he or she may deem advisable. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 5).)