§108. Banks, trust and mutual insurance companies

Link to law: http://legislature.vermont.gov/statutes/section/11/001/00108
Published: 2015

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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.)
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