§3308. List of stockholders; certificate to transact business; liability of president and

Link to law: http://legislature.vermont.gov/statutes/section/08/101/03308
Published: 2015

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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

101

:
INSURANCE COMPANIES GENERALLY






Subchapter

001
:
FORMATION










 

§

3308. List of stockholders; certificate to transact business; liability of

president and directors

When the entire

capital stock of a 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

examine the corporation. If, after such examination, it appears that the whole

capital stock has been paid in cash, and the Commissioner has considered the

criteria in section 3361 of this chapter, the Commissioner shall issue a

certificate under his or her seal authorizing the corporation to begin the

transaction of business, which shall be filed with the Secretary of State. A

corporation having capital stock shall not begin the transaction of business

until the certificate has been issued and filed. If a corporation commences

business before a certificate is issued and filed, the president and directors

assenting thereto are personally liable for all debts incurred before the

certificate is issued and filed. (Amended 1967, No. 344 (Adj. Sess.), § 1 (ch.

1, subch. 1, § 8); 2015, No. 15, § 1, eff. May 1, 2015.)
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