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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) No more than 49 percent of the individuals serving on the board of any public benefit corporation may be financially interested persons.
(b) For the purposes of this section, “financially interested persons” means:
(1) individuals who have received or are entitled to receive compensation, directly or indirectly, from the corporation for services rendered to it within the previous 12 months, whether as full- or part-time employees, independent contractors, consultants, or otherwise, excluding any reasonable payments made to directors for serving as directors; or
(2) any spouse, brother, sister, parent, or child of any such individual.
(c) The failure to comply with the provisions of this section shall not affect the validity or enforceability of any transaction entered into by a corporation.
Cite this article: FindLaw.com - Vermont Statutes Title 11 B. Nonprofit Corporations, § 8.13. Financially disinterested majority--Public benefit corporations - last updated January 01, 2024 | https://codes.findlaw.com/vt/title-11-b-nonprofit-corporations/vt-st-tit-11b-sect-8-13/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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