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
003
:
POWERS AND AMENDMENTS
(Cite as: 11 V.S.A. § 108)
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§ 108. Banks, trust and mutual insurance companies
A corporation organized under the provisions of 8 V.S.A. chapter 202 or 203, to conduct the business of a financial institution, and a mutual insurance company
organized under the provisions of 8 V.S.A. chapter 101, may make such contributions for religious, charitable, scientific, literary, or
educational purposes as are authorized by its directors or trustees to an amount not
to exceed five percent of its net income for the previous calendar year computed in
the manner specified by the Internal Revenue Code in effect during the year applicable
for corporations. Contributions in excess of the five percent of the net income may
be made by a vote of its stockholders, depositors, or members. (Amended 1967, No. 74, eff. April 6, 1967; 2011, No. 21, § 10.)