2011 Vermont Code
Title 11B Nonprofit Corporations
Chapter 8 DIRECTORS AND OFFICERS
§ 13 Financially disinterested majority-Public benefit corporations


11B VT Stats § 8.13. (2011 through Adj Sess) What's This?

§ 8.13. Financially disinterested majority-Public benefit corporations

(a) No more than 49 percent of the individuals serving on the board of any public benefit corporation may be financially interested persons.

(b) For the purposes of this section, "financially interested persons" means:

(1) Individuals who have received or are entitled to receive compensation, directly or indirectly, from the corporation for services rendered to it within the previous 12 months, whether as full- or part-time employees, independent contractors, consultants or otherwise, excluding any reasonable payments made to directors for serving as directors; or

(2) Any spouse, brother, sister, parent or child of any such individual.

(c) The failure to comply with the provisions of this section shall not affect the validity or enforceability of any transaction entered into by a corporation. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)

Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.