Vermont § 1305 Proceeds and expenses

Vermont Statutes

§ 1305 — Proceeds and expenses

Vermont § 1305

Title 11CTitle 11C: Mutual Benefit Enterprises

Ch. 13Article 013: Action by Member

This text of Vermont § 1305 (Proceeds and expenses) 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, § 1305 (2026).

Text

(a)Except as otherwise provided in subsection (b) of this section:

(1)any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and

(2)if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.

(b)If a derivative action to enforce a right of a mutual benefit enterprise is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)

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(a) Except as otherwise provided in subsection (b) of this section:
(1) any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and
(2) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.
(b) If a derivative action to enforce a right of a mutual benefit enterprise is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)