11B V.S.A. Chapter 13

State of Vermont
Office of the Secretary of State

Title 11B V.S.A. Nonprofit Corporations
"Vermont Nonprofit Corporation Act"
A WORLD WIDE WEB PUBLICATION OF THE VERMONT SECRETARY OF STATE
(If you are reading a paper copy of this document, you may find the original at www.sec.state.vt.us)
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Title 11B V.S.A. Chapter 13.
Distributions

§ 13.01. PROHIBITED DISTRIBUTIONS

Except as authorized by section 13.02 of this title, a corporation shall not make any 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.
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State of Vermont Office of the Secretary of State

Title 11B V.S.A. Nonprofit Corporations "Vermont Nonprofit Corporation Act"

Title 11B V.S.A. Chapter 13. Distributions

State of Vermont
Office of the Secretary of State

Title 11B V.S.A. Nonprofit Corporations
"Vermont Nonprofit Corporation Act"

Title 11B V.S.A. Chapter 13.
Distributions