Vermont Statutes Annotated

Vt. Stat. Ann. tit. 08, § 1801 (2026)

Purposes

✓ current as of May 2026

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(Cite as: 8 V.S.A. § 1801)

§ 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, 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.)

Notes of Decisions

Cited in 3 cases, 1986–1988 · leading case: Burke Mountain Rec., Inc. v. Vermont Dev. Credit Corp. (In Re Burke Mountain Rec., Inc.), 64 B.R. 799 (Bankr. D. Vt. 1986).

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Burke Mountain Rec., Inc. v. Vermont Dev. Credit Corp. (In Re Burke Mountain Rec., Inc.), 64 B.R. 799 (Bankr. D. Vt. 1986). · cites it 9× “2) VDCC is specially chartered and regulated as a lending entity under 8 V.S.A. § 1801, et seq. 2 3) The Vermont legislature did not intend or contemplate that VDCC should be twice subject to scrutiny for its lending activities.”

Vermont Dev. Credit Corp. v. Kitchel, 544 A.2d 1165 (Vt. 1988). · cites it 2× “” 8 V.S.A. § 1801. But for the provisions of chapter 73, there would be an almost complete lack of statutory restraints on such transactions.”

Robinson v. Howard Bank (In Re Kors, Inc.), 64 B.R. 163 (D. Vt. 1986). “” 8 V.S.A. § 1801 provides: The expression "development credit corporation” hereinafter called the corporation, as used in this chapter and section 1153 of this title, shall mean a corporation, incorporated under the general laws of the state, the purposes of which shall be:…”

— Vt. Stat. Ann. tit. 08, § 1801(1) — 1 case

Vermont Dev. Credit Corp. v. Kitchel, 544 A.2d 1165 (Vt. 1988). “” 8 V.S.A. § 1801. But for the provisions of chapter 73, there would be an almost complete lack of statutory restraints on such transactions.”

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