The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
§ 1801. Purposes
The expression “development credit corporation,” hereinafter called the corporation,
as used in this chapter shall mean a corporation, incorporated under the general laws
of the State, the purposes of which shall be:
(1) to provide financial assistance to industrial, agricultural, recreational, or other
enterprises potentially valuable to the State or its citizens, when and to the extent
which, such financing shall lie beyond the prescribed limits of laws governing banks
of deposit;
(2) to assist by research and counsel such enterprises;
(3) to conduct ex parte inquiries into ways and means of improving, promoting, or increasing
the general welfare of the State, its political subdivisions, and its citizens by
financial aid, counsel, or otherwise; and
(4) to dedicate its energies to the discovery of ways and means of returning to maximum
productivity any and all presently nonproducing assets in the State, for the dual
purpose of increasing the welfare of the owner and of augmenting the taxable potential
of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1999, No. 153 (Adj. Sess.), § 3, eff. Jan. 1, 2001.)
§ 1802. General and specific power
A development credit corporation shall have such general and specific rights and powers,
within the limitations of its charter, as are enjoyed by other Vermont corporations,
and, in addition, such rights and powers as are granted hereafter. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)
§ 1803. Determination of public good
Prior to the granting of a charter to a development credit corporation, the Commissioner
shall find that such grant shall promote the general good of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. Sess.), § 38(a); 2003, No. 105 (Adj. Sess.), § 9.)
§ 1804. Tax exempt status
Being an institution of public welfare created primarily to increment, augment, and
increase sources of taxation within the State, and, in order to induce continuing
public support to the corporation, earnings of the corporation shall be exempt from
State income taxes, and the holder or holders of any security issued by the corporation
shall, in like manner, be exempt from payment of income taxes on dividends or interest
paid thereon. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)