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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

101

:
INSURANCE COMPANIES GENERALLY






Subchapter

001
:
FORMATION










 

§

3310. Amendment of charter

A corporation

formed under the provisions of this chapter or by a special act of the

legislature may amend its articles of association or its charter as provided

therein or in the absence of such provision by vote of three-fourths of its

stockholders (in the case of a stock company) or members (in the case of a

mutual company) present at a meeting thereof, provided the commissioner, in all

cases, on petition and after a hearing held substantially as is specified in

section 3305 of this title, certifies that such amendment shall not be

detrimental to the policyholders and such other persons as have an interest in

said corporation. His or her certificate shall be recorded with the certificate

of amendment. (1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 10).)