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Authorized distributions

11B V.S.A. § 13.02
in effect
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13.02. Authorized distributions (a) A mutual benefit corporation may purchase its memberships if after the purchase is completed: (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and (2) the corporation’s total assets would at least equal the sum of its total liabilities. (b) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 14 of this title. Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/11B/013/00013.02Fetched: 10/21/2026

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