Vermont Statutes Title 8 Sec. 4581
Terms Used In Vermont Statutes Title 8 Sec. 4581
- 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
§ 4581. Incorporation of medical service corporations
(a) Three or more persons licensed by the State Board of Medical Practice to practice medicine and surgery may incorporate under the general law of this State governing corporations for the purpose of forming a medical service corporation, but subject to the provisions of section 4584 of this title.
(b) Subject to the approval of the Commissioner, a medical service corporation may establish, maintain, and operate a hospital service plan as defined in section 4511 of this title. The Commissioner may refuse approval if the Commissioner finds that the rates submitted are excessive, inadequate, or unfairly discriminatory. The contracts of a medical service corporation that operates a hospital service plan under this subsection shall be governed by chapter 123 of this title to the extent that they provide for hospital service benefits, and by this chapter to the extent that the contracts provide for medical service benefits. (Amended 1975, No. 69, § 3, eff. April 18, 1975; 1997, No. 54, § 6, eff. June 26, 1997.)