Distributions

V.S.A. tit. 11B, ch. 13

in effect

11B V.S.A. § 13.01 Prohibited distributions

13.01. Prohibited distributions Except as authorized by section 13.02 of this title, a corporation shall not make any distributions. Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.

11B V.S.A. § 13.02 Authorized distributions

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/chapter/11B/013Fetched: 10/21/2026