2011 Vermont Code
Title 08 Banking and Insurance
Chapter 101 INSURANCE COMPANIES GENERALLY
§ 3308 List of stockholders; certificate to transact business; liability of president and directors
§ 3308. List of stockholders; certificate to transact business; liability of president and directors
When the entire capital stock of such corporation having capital stock has been issued, a complete list of the stockholders with the name and post office address of each and the number of shares held by each shall be filed with the commissioner, who shall thereupon cause an examination to be made. If, after such examination, it appears that the whole capital stock has been paid in cash, the commissioner shall issue a certificate under his seal authorizing such corporation to begin the transaction of business, which shall be filed with the secretary of state. Such a corporation having capital stock shall not begin the transaction of business until such certificate has been so issued and filed. If such a corporation commences business before such certificate is so issued and filed, the president and directors assenting thereto shall be personally liable for all debts incurred before such certificate is so issued and filed. (1967, No. 344 (Adj. Sess.), { 1 (ch. 1, subch. 1, { 8).)
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