§ 1801 — Purposes

Vermont § 1801

• Jurisdiction: Vermont
• Title 8: Title 8: Banking and Insurance
• Ch. 65: Chapter 065: Development Credit Corporations

Text

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, when and to the extent which, such financing shall lie beyond the prescribed limits of laws governing banks of deposit;
(2) to assist by research and counsel such enterprises;
(3) to conduct ex parte inquiries into ways and means of improving, promoting, or increasing the general welfare of the State, its political subdivisions, and its citizens by financial aid, counsel, or otherwise; and
(4) to dedicate its energies to the discovery of ways and means of returning to maximum productivity any and all presently nonproducing assets in the State, for the dual purpose of increasing the welfare of the owner and of augmenting the taxable potential of the State. (Added 1969, No. 64, § 1, eff. Jan. 1, 1970; amended 1999, No. 153 (Adj. Sess.), § 3, eff. Jan. 1, 2001.)