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.
(Cite as: 11A V.S.A. § 21.08)
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§ 21.08. Corporate purpose
(a) A benefit corporation shall have the purpose of creating general public benefit. This
purpose is in addition to, and may be a limitation on, the purposes of the benefit
corporation under subsection 3.01(a) of this title.
(b) The articles of incorporation of a benefit corporation may identify one or more specific
public benefits that are the purpose of the benefit corporation to create in addition
to its purposes under subsection 3.01(a) of this title and subsection (a) of this section. The adoption of a specific public benefit purpose
under this subsection does not limit the obligation of a benefit corporation to create
general public benefit.
(c) The creation of general and specific public benefit as provided in subsections (a)
and (b) of this section is in the best interests of the benefit corporation.
(d) A benefit corporation may amend its articles of incorporation to add, amend, or delete
a specific public benefit. The amendment shall be adopted and shall become effective
in accordance with sections 10.01 through 10.09 of this title and shall be approved by the higher of the vote required by the articles of incorporation
or by subsection (e) of this section.
(e) An amendment of the articles of incorporation of a benefit corporation to add, amend,
or delete a specific public benefit in the articles of incorporation shall be adopted
by a vote of at least two-thirds of the votes entitled to be cast by the outstanding
shares of the corporation, provided that if any class of shares is entitled to vote
as a group, approval shall also require the affirmative vote of the holders of at
least two-thirds of the votes entitled to be cast by the outstanding shares of each
voting group. (Added 2009, No. 113 (Adj. Sess.), § 1, eff. July 1, 2011.)