Railroad companies must be approved by the Transportation Board, and utility companies by the Public Service Board. However, if the corporation has fewer than three shareholders, the corporation must have as many directors as it has shareholders. A director must be an individual, but he or she is not required to be a resident of Vermont unless the Articles or Incorporation or the corporate bylaws require residency. A director does not have to be a shareholder of the corporation. While the Articles of Incorporation form allows the initial board of directors to be listed, this information is not required.
Some corporations list it to establish a public record of the initial board of directors.
You may choose to include additional information, such as provisions relating to management and regulation of the affairs of the corporation, and provisions that define, limit or regulate the powers of the corporation, its board of directors or its shareholders.