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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
001
:
CORPORATIONS GENERALLY
Subchapter
003
:
POWERS AND AMENDMENTS
§
108. Banks, trust and mutual insurance companies
A corporation
organized under the provisions of 8 V.S.A. chapter 202 or 203, to conduct the
business of a financial institution, and a mutual insurance company organized
under the provisions of 8 V.S.A. chapter 101, may make such contributions for
religious, charitable, scientific, literary, or educational purposes as are
authorized by its directors or trustees to an amount not to exceed five percent
of its net income for the previous calendar year computed in the manner
specified by the Internal Revenue Code in effect during the year applicable for
corporations. Contributions in excess of the five percent of the net income may
be made by a vote of its stockholders, depositors, or members. (Amended 1967, No.
74, eff. April 6, 1967; 2011, No. 21, § 10.)