The bill amends various sections of Vermont's statutes to modernize and clarify the legal framework governing business entities and cooperative associations. Key changes include the replacement of "his or her" with "the Secretary's" regarding the Secretary of State's facsimile signature, ensuring its validity, and the renaming of the "Corporations Division" to "Business Services Division." The title of Chapter 7 is updated from "Cooperatives" to "General Cooperative Corporations and Cooperative Associations," and new definitions for terms like "nonprofit cooperative association" and "consumers cooperative" are introduced. The bill also mandates that associations provide detailed information in their articles of incorporation and simplifies the process for amending these articles.

Additionally, the bill outlines the registration process for businesses, requiring that registrations be filed with the Secretary of State within 10 days of commencing business and stipulating that names must be distinguishable from existing records. It establishes fees for registration and amendments, along with penalties for non-compliance. The Secretary of State is granted authority to terminate registrations under certain conditions and to issue certificates of good standing. The bill also addresses the roles of registered agents, updates requirements for foreign corporations, and introduces a study task for the Secretary of State to explore potential statutory revisions. Overall, the bill aims to streamline business operations and enhance accountability within Vermont's regulatory framework.

Statutes affected:
As Passed By the House -- Official: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Passed By the House -- Unofficial: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Passed by Both House and Senate -- Official: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81, 11-4028
As Passed by Both House and Senate -- Unofficial: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11-4028, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81
As Enacted: 3-102a, 3-133, 11-15, 11-22, 11-23, 11-25, 11-4028, 11A-14, 11A-15, 11A-16, 11B-14, 11B-15, 11B-16, 11C-14, 12-25, 30-81