The Vermont Statutes Online

Title 8: Banking and Insurance

Chapter 065: Development Credit Corporations

• § 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.)