2005 Vermont Code - § 292. — Initial organization

§ 292. 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 seed capital fund organizing corporation by filing the articles of incorporation with the secretary of state.

(b) If the directors of the Vermont seed capital fund organizing corporation organize the fund as a corporation, the organizing corporation shall file the articles of incorporation of the Vermont seed capital fund, a corporation with the secretary of state.

(c) In the event the directors of the Vermont seed capital fund organizing corporation organize the fund as a limited partnership, the organizing corporation shall file the certificate and partnership articles of the Vermont seed capital fund, a limited partnership with the secretary of state.

(d) These documents shall reflect the purposes of this chapter and conform to the limitations in section 291 of this title and shall not be adopted or amended without conformity with this chapter and Title 11.

(e) If the fund is organized as a limited partnership, the Vermont seed capital fund organizing corporation shall initially be a general partner. The directors of the Vermont seed capital fund organizing corporation shall thereafter select a general partner or partners to manage the fund; the articles of partnership shall be amended and the Vermont seed capital fund organizing corporation shall be dissolved and its existence terminated. (Added 2003, No. 164 (Adj. Sess.), § 6, eff. June 12, 2004.)