§ 105.
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/vt/105A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 105. Purpose and duration of mutual benefit enterprise
(a)A mutual benefit enterprise is an entity distinct from its members.
(b)A mutual benefit enterprise may be organized for any lawful purpose, whether or not for profit.
(c)Unless the articles of organization state a term for a mutual benefit enterprise’s existence, the enterprise has perpetual duration. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)