Act No. 113

(S.263)

Vermont Benefit Corporations Act

This act authorizes for-profit corporations to elect treatment as a "benefit corporation." Under the act, a benefit corporation must have as part of its corporate purpose the creation of "general public benefit" and is further required to have at least one independent benefit director and issue an annual benefit report to its shareholders.

Date Signed by the Governor:  May 19, 2010

Effective Date:  July 1, 2011