§ 374a. Creation of the Vermont Agricultural Credit Program (a) There is created the Vermont Agricultural Credit Program, which will provide an alternative source of sound and constructive credit to farmers and forest products businesses who are not having their credit needs fully met by conventional agricultural credit sources at reasonable rates and terms. The […]
§ 374b. Definitions As used in this chapter: (1) “Agricultural facility” means land and rights in land, buildings, structures, machinery, and equipment that is used for, or will be used for producing, processing, preparing, packaging, storing, distributing, marketing, or transporting agricultural or forest products that have been primarily produced in this State, and working capital […]
§ 374c. Incorporation; board of directors The Vermont Economic Development Authority shall incorporate a nonprofit corporation to administer the Vermont agricultural credit program and to fulfill the goals and purposes of this chapter. The voting members of the Authority shall be the board of directors of the corporation, and the manager of the Authority shall […]
§ 374d. General powers The corporation shall have the powers necessary to carry out the purposes and provisions of this chapter, including those general powers provided a business corporation by 11A V.S.A. § 3.02. In addition, the corporation shall have the power to: (1) execute contracts and all other instruments necessary for the exercise of […]
§ 374e. Agricultural Credit Development Fund The Agricultural Credit Development Fund is created and shall be used by the corporation for the purposes of this chapter. All reasonable administrative expenses of the corporation shall be paid from the Fund. The Fund shall be credited with any appropriations made by the General Assembly, all payments of […]
§ 374f. Records The corporation shall keep an accurate account of all its activities. (Added 1999, No. 25, § 1; amended 2011, No. 139 (Adj. Sess.), § 6, eff. May 14, 2012.)
§ 374g. Construction The provisions of section 218 of this title shall apply to this chapter. Information concerning loan applicants or recipients shall be kept confidential. (Added 1999, No. 25, § 1.)
§ 374h. Loan eligibility standards A farmer, or a limited liability company, partnership, corporation, or other business entity the majority ownership of which is vested in one or more farmers, shall be eligible to apply for a farm ownership or operating loan, provided the applicant is: (1) a resident of this State and will help […]
