Vermont § 4122 - Designation of controlling foreign law

§ 4122. Designation of controlling foreign law

• (a) A foreign law limited liability company shall designate in its articles of organization
  all the following: (1) a specific law or body of law of a foreign jurisdiction, either within or outside
  the United States of America, that will control the internal governance affairs of
  the company; (2) the type of organization that will control how the foreign law limited liability company
  is treated under the foreign law and all matters that are required to be included
  in the constituent filing for that type of organization under that foreign law; (3) any variations or limitations on the applicability of the foreign law and any mechanisms
  for amending, rescinding, or limiting the designation in the future; (4) the courts, if any, that, in addition to the courts of the State of Vermont and the
  United States, will have jurisdiction over disputes relating to the internal governance
  affairs of the foreign law limited liability company; and (5) a designation of those classes of individuals or officers within the chosen legal
  structure who shall have authority to act on behalf of the foreign law limited liability
  company equivalent to the authority of managers under subsections 4054(b) and (c)
  of this title, and any limitations on or clarification of that authority. (b) Any bylaws, agreements, or other statements of principles governing the internal governance
  affairs of the foreign law limited liability company addressed in the applicable foreign
  law but not required to be in the constituent filing shall be set forth as part of,
  or in lieu of, the operating agreement required by section 4003 of this title. The prohibitions on a waiver under subsection 4003(b) shall not apply to foreign
  law limited liability companies. (Added 2015, No. 17, § 2.)