Vermont § 1503 Notice and action on disposition of assets

Vermont Statutes

§ 1503 — Notice and action on disposition of assets

Vermont § 1503

Title 11CTitle 11C: Mutual Benefit Enterprises

Ch. 15Article 015: Disposition of Assets

This text of Vermont § 1503 (Notice and action on disposition of assets) 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, § 1503 (2026).

Text

For a mutual benefit enterprise to dispose of assets under section 1502 of this title:

(1)a majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and

(2)the board of directors shall call a members’ meeting to consider the proposed disposition, hold the meeting not later than 90 days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:

(A)the terms of the proposed disposition;

(B)a recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;

(C)a statement of any co

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For a mutual benefit enterprise to dispose of assets under section 1502 of this title:
(1) a majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and
(2) the board of directors shall call a members’ meeting to consider the proposed disposition, hold the meeting not later than 90 days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:
(A) the terms of the proposed disposition;
(B) a recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(C) a statement of any condition of the board’s submission of the proposed disposition to the members; and
(D) notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)