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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 11B: Nonprofit Corporations

Chapter 013: Distributions

  • § 13.01. Prohibited distributions

    Except as authorized by section 13.02 of this title, a corporation shall not make any distributions. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)

  • § 13.02. Authorized distributions

    (a) A mutual benefit corporation may purchase its memberships if after the purchase is completed:

    (1) the corporation would be able to pay its debts as they become due in the usual course of its activities; and

    (2) the corporation’s total assets would at least equal the sum of its total liabilities.

    (b) A public benefit corporation and a mutual benefit corporation may make distributions upon dissolution in conformity with chapter 14 of this title. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)