§ 3.01.
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/vt/3-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3.01. Purposes
(a)Every corporation incorporated under this title has the purpose of engaging in any lawful business unless a more limited purpose is set forth in the articles of incorporation.
(b)A corporation engaging in a business that is subject to regulation under another statute of this State may incorporate under this title only if permitted by, and subject to all limitations of, the other statute, including:
(1)banks, savings and loan associations, credit unions, and other financial institutions regulated under Title 8;
(2)insurance companies regulated under Title 8;
(3)public service utilities regulated under Title 30;
(4)railroad companies regulated under Title 19; and
(5)professional corporations under 11 V.S.A. chapter 3 or 4. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994; amended 2001, No. 77 (Adj. Sess.), § 4.)