§ 108

S.A. chapter 202 or 203, to conduct the business of a financial institution, and a mutual insurance company organized under the provisions of 8 V.S.A. chapter 101, 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, depositors, or members. (Amended 1967, No. 74, eff. April 6, 1967; 2011, No. 21, § 10.)