What is a public benefit corporation?
“‘Public benefit corporation’ means a domestic corporation which is required to be a public benefit corporation pursuant to section 17.05 or is formed as a public benefit corporation pursuant to chapter 2.” 11B V.S.A. 1.40(28). A public benefit corporation is the kind of nonprofit most people think of. It is a charity. The public benefit nonprofit corporation exists to provide a particular public benefit such as a public library, an adult day center, or an arts council. Typically, it is a public benefit nonprofit corporation that will obtain 501(c)(3) tax exempt status from the IRS. In furtherance of its charitable mission, if a public benefit corporation dissolves, then all of its property must go to a another public benefit nonprofit corporation. The Vermont Attorney General has the authority to take a public benefit nonprofit corporation to court to ensure that it is being operated in the public interest.
“‘Public benefit corporation’ means a domestic corporation which is required to be a public benefit corporation pursuant to section 17.05 or is formed as a public benefit corporation pursuant to chapter 2.” 11B V.S.A. ยง 1.40(28). A public benefit corporation is the kind of nonprofit most people think of. It is a charity. The public benefit nonprofit corporation exists to provide a particular public benefit such as a public library, an adult day center, or an arts council. Typically, it is a public benefit nonprofit corporation that will obtain 501(c)(3) tax exempt status from the IRS. In furtherance of its charitable mission, if a public benefit corporation dissolves, then all of its property must go to a another public benefit nonprofit corporation. The Vermont Attorney General has the authority to take a public benefit nonprofit corporation to court to ensure that it is being operated in the public interest. What is a mutual benefit corporation? After Articles of Incorporation are fi
Mr. Garlock: They are a strange and mysterious animal. As I say, each of them is a little bit different. Let me speak about the two here today. The Buffalo and Fort Erie Public Bridge Authority came about first. The Peace Bridge between Fort Erie, Ontario, and Buffalo, New York, was built in 1927 by a private operator. During the great economic crash of 1929, that operator went broke. At that time, the State of New York and the Government of Canada stepped in to acquire the asset and created the Buffalo and Fort Erie Public Bridge Authority to operate it in the best interests of Canada and the United States. The Peace Bridge authority board is appointed, and consists of ten members, five from Canada, five from the United States, and they operate the crossing in the best interests of both countries. There is not a profit motive, and it is operated as efficiently as possibly to keep tolls as low as possible. I am sitting here today because there was a great tragedy in January of 1938. Th
Related Questions
- The Public Benefit Corporation will sell bonds in order to obtain the projected $32 - $38 billion infusion of monies. Who or what provides the guarantee of repayment in the event of a shortfall?
- What is the difference between a public benefit, mutual benefit and religious nonprofit corporation?
- What is a public benefit corporation?
