Vermont § 1087 Voting shares; bylaws; amendment of articles of organization

Vermont Statutes

§ 1087 — Voting shares; bylaws; amendment of articles of organization

Vermont·Title 11 Title 11: Corporations, Partnerships and Associations·Ch. 8 Chapter 008: Worker Cooperative Corporations

(a)No capital stock other than membership shares shall be given voting power in a worker cooperative except as otherwise provided in this chapter or in the articles of incorporation.

(b)Notwithstanding 11A V.S.A. § 10.20, the power to adopt, amend, or repeal bylaws of a worker cooperative shall be in the members only.

(c)11A V.S.A. chapter 10, subchapter 1 relating to amendments to the articles of incorporation shall be construed to limit voting on any amendment of the articles of incorporation of a worker cooperative to the members, except that amendments affecting the rights of a class of stockholders may not be adopted without the vote of such stockholders in accordance with 11A V.S.A. § 10.04. (Added 1985, No. 46, § 1; amended 2023, No. 85 (Adj. Sess.), § 20, eff. July 1, 2024.)

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(a) No capital stock other than membership shares shall be given voting power in a worker cooperative except as otherwise provided in this chapter or in the articles of incorporation.
(b) Notwithstanding 11A V.S.A. § 10.20, the power to adopt, amend, or repeal bylaws of a worker cooperative shall be in the members only.
(c) 11A V.S.A. chapter 10, subchapter 1 relating to amendments to the articles of incorporation shall be construed to limit voting on any amendment of the articles of incorporation of a worker cooperative to the members, except that amendments affecting the rights of a class of stockholders may not be adopted without the vote of such stockholders in accordance with 11A V.S.A. § 10.04. (Added 1985, No. 46, § 1; amended 2023, No. 85 (Adj. Sess.), § 20, eff. July 1, 2024.)

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