Vermont § 1301 Derivative action

Vermont Statutes

§ 1301 — Derivative action

Vermont § 1301

Title 11CTitle 11C: Mutual Benefit Enterprises

Ch. 13Article 013: Action by Member

This text of Vermont § 1301 (Derivative action) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 11C, § 1301 (2026).

Text

A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:

(1)the member demands that the enterprise bring an action to enforce the right; and

(2)any of the following occur:

(A)the enterprise does not, within 90 days after the member makes the demand, agree to bring the action;

(B)the enterprise notifies the member that it has rejected the demand;

(C)irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or

(D)the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)

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A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:
(1) the member demands that the enterprise bring an action to enforce the right; and
(2) any of the following occur:
(A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action;
(B) the enterprise notifies the member that it has rejected the demand;
(C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or
(D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)