Preheat oven to 325°F Grease and flour a bundt cake pan and set aside.
In a small saucepan over low heat, melt the butter. Stir in the milk and vanilla and continue to heat until small bubbles form around the outsides of the pan, and the milk is very hot (do not boil). Reduce the heat to low and keep hot.
In a large bowl, combine the eggs and sugar and beat on medium high speed using an electric beater with a whisk attachment for 5 minutes, or until tripled in volume.
In a medium bowl, sift the dry ingredients then set aside.
Slowly add the hot milk mixture to the egg mixture on low speed until incorporated.
Add the dry ingredients to the egg mixture in two batches, mixing well after each addition but just until incorporated.
Pour the batter into the bundt pan and bake for 40 - 45 minutes, or until a cake tester inserted into the middle comes out clean with a few crumbs attached -- do not over bake.
Allow the cake to cool for 10 minutes in the pan before inverting onto a cooling rack to completely cool.