§ 17.05.
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/vt/17-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 17.05. Public benefit and mutual benefit corporations
Each domestic corporation existing on the effective date of this chapter that is or becomes subject to this chapter shall be classified as a public benefit or a mutual benefit corporation as follows:
(1)any corporation classified by statute as a public benefit corporation or a mutual benefit corporation is the type of corporation so classified by statute;
(2)any corporation which does not come within subdivision
(1)of this section but which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation;
(3)any corporation which does not come within subdivision
(1)or
(2)of this section, but which is organized for a public or charitable purpose and which upon dissolution must distribute its assets to the United States, a state, or a person which is recognized as exempt under section 501(c)(3) of the Internal Revenue Code, or any successor section, is a public benefit corporation; and
(4)any corporation which does not come within subdivision (1), (2), or
(3)of this section is a mutual benefit corporation. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)