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
002
:
ISSUANCE OF SHARES
(Cite as: 11A V.S.A. § 6.23)
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§ 6.23. Share dividends
(a) Unless the articles of incorporation provide otherwise, shares may be issued pro rata
and without consideration to the corporation’s shareholders or to the shareholders
of one or more classes or series. An issuance of shares under this subsection is a
share dividend.
(b) Shares of one class or series may not be issued as a share dividend on shares of another
class or series unless:
(1) the articles of incorporation so authorize;
(2) a majority of the votes entitled to be cast by the class or series to be issued approve
the issue; or
(3) there are no outstanding shares of the class or series to be issued.
(c) If the board of directors does not fix the record date for determining shareholders
entitled to a share dividend, it is the date the board of directors authorizes the
share dividend. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)