Vermont § 3223 - Statement of partnership authority

§ 3223. Statement of partnership authority

• (a) A partnership may file a statement of partnership authority, which: (1) must include: (A) the name of the partnership; (B) the street address of its chief executive office and of one office in this State,
  if there is one; (C) the names and mailing addresses of all of the partners or of an agent appointed and
  maintained by the partnership for the purpose of subsection (b) of this section; and (D) the names of the partners authorized to execute an instrument transferring real property
  held in the name of the partnership; and (2) may state the authority, or limitations on the authority, of some or all of the partners
  to enter into other transactions on behalf of the partnership and any other matter. (b) If a statement of partnership authority names an agent, the agent shall maintain a
  list of the names and mailing addresses of all of the partners and make it available
  to any person on request for good cause shown. (c) If a filed statement of partnership authority is executed pursuant to subsection 3205(c) of this title and states the name of the partnership but does not contain all of the other information
  required by subsection (a) of this section, the statement nevertheless operates with
  respect to a person not a partner as provided in subsections (d) and (e) of this section. (d) Except as otherwise provided in subsection (g) of this section, a filed statement
  of partnership authority supplements the authority of a partner to enter into transactions
  on behalf of the partnership as follows: (1) Except for transfers of real property, a grant of authority contained in a filed statement
  of partnership authority is conclusive in favor of a person who gives value without
  knowledge to the contrary, so long as and to the extent that a limitation on that
  authority is not then contained in another filed statement. A filed cancellation of
  a limitation on authority revives the previous grant of authority. (2) A grant of authority to transfer real property held in the name of the partnership
  contained in a certified copy of a filed statement of partnership authority recorded
  in the office for recording transfers of that real property is conclusive in favor
  of a person who gives value without knowledge to the contrary, so long as and to the
  extent that a certified copy of a filed statement containing a limitation on that
  authority is not then of record in the office for recording transfers of that real
  property. The recording in the office for recording transfers of that real property
  of a certified copy of a filed cancellation of a limitation on authority revives the
  previous grant of authority. (e) A person not a partner is deemed to know of a limitation on the authority of a partner
  to transfer real property held in the name of the partnership if a certified copy
  of the filed statement containing the limitation on authority is of record in the
  office for recording transfers of that real property. (f) Except as otherwise provided in subsections (d) and (e) of this section and sections
  3264 and 3275 of this title, a person not a partner is not deemed to know of a limitation on the authority of
  a partner merely because the limitation is contained in a filed statement. (g) Unless earlier canceled, a filed statement of partnership authority is canceled by
  operation of law five years after the date on which the statement, or the most recent
  amendment, was filed with the Secretary of State. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)