§4163. Failure to meet requirements

Link to law: http://legislature.vermont.gov/statutes/section/11/025/04163
Published: 2015

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Title

11

:
Corporations, Partnerships and Associations






Chapter

025

:
LIMITED LIABILITY COMPANIES






Subchapter

011
:
LOW-PROFIT LIMITED LIABILITY COMPANIES










 

§

4163. Failure to meet requirements

(a) A limited

liability company that elects to be an L3C and subsequently fails to satisfy

any one of the requirements set forth in section 4162 of this title shall

immediately cease to be a low-profit limited liability company, but by

continuing to meet all the other requirements of this chapter, continues to

exist as a limited liability company.

(b) In the event

an L3C fails to satisfy the requirements of section 4162 of this title, the

company shall change its name to conform with subsection 4005(a) of this title.

(Added 2015, No. 17, § 2.)
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