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.
Subchapter
001
:
FORMATION
(Cite as: 8 V.S.A. § 3305)
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§ 3305. Petition; hearing
Before the articles of association are transmitted to the Secretary of State, the
incorporators shall petition the Commissioner to hold a public hearing, in the county
where the proposed corporation is to have its principal office, to determine whether
the establishment and maintenance of the proposed corporation will promote the general
good of the State. The Commissioner shall thereupon appoint a time and place in such
county for hearing the petition and shall make an order for the publication of the
substance of the petition and of the time and place of the hearing three weeks successively
in a newspaper published in the county, or, for want thereof, in an adjoining county,
the last publication to be at least 12 days before the day appointed for the hearing.
If, after the hearing, the Commissioner finds and adjudges that the establishment
and maintenance of the proposed corporation will promote the general good of the State,
he or she shall give the incorporators a certificate to that effect under his or her
seal. In determining the general good of the State as herein required, the Commissioner
shall consider:
(1) The character, reputation, financial standing, and purposes of the organizers, incorporators,
and subscribers organizing the proposed insurer or organization.
(2) The character, reputation, financial responsibility, insurance experience, and business
qualifications of its proposed officers and directors.
(3) Such other aspects of the proposed insurer or financing as he or she may deem advisable. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 1, § 5).)