§ 1801. Purposes The expression “development credit corporation” hereinafter called the corporation, as used in this chapter shall mean a corporation, incorporated under the general laws of the State, the purposes of which shall be: (1) to provide financial assistance to industrial, agricultural, recreational, or other enterprises potentially valuable to the State or its citizens, […]
§ 1802. General and specific power A development credit corporation shall have such general and specific rights and powers, within the limitations of its charter, as are enjoyed by other Vermont corporations, and, in addition, such rights and powers as are granted hereafter. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970.)
§ 1803. Determination of public good Prior to the granting of a charter to a development credit corporation, the Commissioner shall find that such grant shall promote the general good of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1989, No. 225 (Adj. Sess.), § 25(b); 1995, No. 180 (Adj. […]
§ 1804. Tax exempt status Being an institution of public welfare created primarily to increment, augment, and increase sources of taxation within the State, and, in order to induce continuing public support to the corporation, earnings of the corporation shall be exempt from State income taxes, and the holder or holders of any security issued […]
