(a)There is hereby established a nonprofit public corporation to be known as the Vermont Student Assistance Corporation whose purpose shall be:
(1)to provide opportunities for persons who are residents of Vermont to attend colleges or other postsecondary education institutions by awarding grants, guaranteeing, making, financing, and servicing loans of funds to students qualifying under the terms and conditions set forth in this chapter;
(2)to provide career, educational, and financial aid counseling and information services; and
(3)for such other purposes not inconsistent therewith.
(b)The Corporation and its existence shall continue as long as it shall have notes, bonds, or other obligations outstanding, including notes, bonds, or other obligations hereafter issued or incurred, and u
Free access — add to your briefcase to read the full text and ask questions with AI
(a) There is hereby established a nonprofit public corporation to be known as the Vermont Student Assistance Corporation whose purpose shall be:
(1) to provide opportunities for persons who are residents of Vermont to attend colleges or other postsecondary education institutions by awarding grants, guaranteeing, making, financing, and servicing loans of funds to students qualifying under the terms and conditions set forth in this chapter;
(2) to provide career, educational, and financial aid counseling and information services; and
(3) for such other purposes not inconsistent therewith.
(b) The Corporation and its existence shall continue as long as it shall have notes, bonds, or other obligations outstanding, including notes, bonds, or other obligations hereafter issued or incurred, and until its existence is terminated by law. The net earnings of the Corporation, beyond that necessary for retirement of its notes, bonds, or other obligations or to implement the public purposes and programs authorized in this chapter shall not inure to the benefit of any person other than the State. Upon termination of the existence of the Corporation, title to all of the property owned by the Corporation, including any net earnings of the Corporation, shall vest in the State. The State reserves the right at any time to alter, amend, repeal, or otherwise change the structure, organization, programs, or activities of the Corporation, including the power to terminate the Corporation, subject to any limitation on the impairment of the obligations of any contract or contracts entered into by the corporation.
(c) Notwithstanding any general or special law to the contrary, the provisions of 8 V.S.A. chapter 73 shall not apply to the Corporation or to any loan made or serviced by the Corporation in accordance with this title. (Added 1965, No. 198, § 1(a); amended 1975, No. 170 (Adj. Sess.), § 1; 1981, No. 174 (Adj. Sess.), § 1, eff. April 20, 1982; 1993, No. 147 (Adj. Sess.), § 1; 2003, No. 86 (Adj. Sess.), § 2; 2009, No. 96 (Adj. Sess.), § 3, eff. January 1, 2011; 2017, No. 22, § 30, eff. Jan. 1, 2011; 2019, No. 131 (Adj. Sess.), § 97.)