Vermont § 1607 Notice and action on plan of merger by constituent mutual benefit enterprise

Vermont Statutes

§ 1607 — Notice and action on plan of merger by constituent mutual benefit enterprise

Vermont § 1607

Title 11CTitle 11C: Mutual Benefit Enterprises

Ch. 16Article 016: Conversion and Merger

This text of Vermont § 1607 (Notice and action on plan of merger by constituent mutual benefit enterprise) 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, § 1607 (2026).

Text

(a)For a mutual benefit enterprise to merge with another entity, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the enterprise’s organic rules.

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

(1)the plan of merger, or a summary of the plan and a statement of the manner in which a copy of the plan in a record may be reasonably obtained by a member;

(2)a recommendation that the members approve the plan of merger, or if the board determines that because of conflict of interest or other special circumstances it

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(a) For a mutual benefit enterprise to merge with another entity, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the enterprise’s organic rules.
(b) The board of directors shall call a members’ meeting to consider a plan of merger approved by the board, hold the meeting not later than 90 days after approval of the plan by the board, and mail or otherwise transmit or deliver in a record to each member:
(1) the plan of merger, or a summary of the plan and a statement of the manner in which a copy of the plan in a record may be reasonably obtained by a member;
(2) a recommendation that the members approve the plan of merger, 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;
(3) a statement of any condition of the board’s submission of the plan of merger to the members; and
(4) notice of the meeting at which the plan of merger 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.)