§ 21.02.
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/vt/21-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 21.02. Law applicable
(a)This chapter shall apply only to a domestic corporation meeting the definition of a benefit corporation in subdivision 21.03(a)(1) of this title. The provisions of this title other than those set forth in this chapter shall apply to a benefit corporation in the absence of a contrary or inconsistent provision in this chapter. A corporation whose status as a benefit corporation terminates shall immediately become subject to the obligations and rights of a general corporation as provided in this title.
(b)The existence of a provision of this chapter does not of itself create any implication that a contrary or different rule of law is or would be applicable to a corporation that is not a benefit corporation. This chapter does not affect any statute or rule of law as it applies to a corporation that is not a benefit corporation.
(c)A provision of the articles of incorporation or bylaws of a benefit corporation may not be inconsistent with any provision of this chapter.
(d)Terms that are defined in other chapters of this title shall have the same meaning when used in this chapter, except that in this chapter, “corporation” shall have the meaning set forth in section 1.40 of this title. (Added 2009, No. 113 (Adj. Sess.), § 1, eff. July 1, 2011.)