2005 Vermont Code - § 284. — Initial organization

§ 284. Initial organization

(a) In order to provide for the initial organization of the fund, the governor shall appoint a committee to act as founders, consisting of five individuals having business background and experience. The committee shall incorporate the Vermont venture capital fund organizing corporation by filing with the secretary of state the articles of incorporation of such corporation.

(b) In the event that the decision is made by the directors of the Vermont venture capital fund organizing corporation to organize the fund as a corporation, the organizing corporation shall file with the secretary of state the articles of incorporation of the Vermont venture capital fund, a corporation.

(c) In the event that the decision is made by the directors of the Vermont venture capital fund organizing corporation to organize the fund as a limited partnership, the organizing corporation shall file with the secretary of state the certificate and partnership articles of the Vermont venture capital fund, a limited partnership.

(d) These documents shall reflect the purposes set forth herein and conform to the limitations set forth in section 283 of this title, and shall not be adopted or later amended without conformity with this chapter and Title 11.

(e) If organized as a limited partnership, the partnership shall initially be organized with the Vermont venture capital fund organizing corporation as general partner; the directors of the Vermont venture capital fund organizing corporation shall select a general partner or partners to manage the fund; the articles of partnership shall be amended and restated; and the Vermont venture capital fund organizing corporation shall take appropriate action to dissolve and terminate its existence. (Added 1985, No. 171 (Adj. Sess.), § 1, eff. May 7, 1986; amended 1987, No. 80, § 5, eff. June 9, 1987.)