§ 108 - Banks, trust and mutual insurance companies - Vermont Statutes

§ 108. Banks, trust and mutual insurance companies

A corporation organized under the provisions of chapter 21 of Title 8, to conduct the business of a savings bank having no capital stock or of a trust company, and a mutual insurance company organized under the provisions of chapter 101 of Title 8, may make such contributions for religious, charitable, scientific, literary or educational purposes as are authorized by its directors or trustees to an amount not to exceed five percent of its net income for the previous calendar year computed in the manner specified by the internal revenue code in effect during the year applicable for corporations. Contributions in excess of the five percent of the net income may be made by a vote of its stockholders or members. (Amended 1967, No. 74, eff. April 6, 1967.)