The Vermont Statutes Online
The statutes were updated in November, 2018, and contain all actions of the
2018 legislative session.
§ 20.11. Limitations on continuation of close corporation status
The status of a close corporation subject to the provisions of this chapter shall continue until:
(1) the close corporation files with the Secretary of State articles of amendment deleting from its articles of incorporation any or all of the provisions required by section 20.02 of this title; or
(2) one or more of the provisions or conditions required by section 20.02 of this title has been breached and neither the corporation nor any of its shareholders proceed under section 20.14 of this title to prevent the loss of status. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)