Vermont § 803 Qualifications of directors

Vermont Statutes

§ 803 — Qualifications of directors

Vermont § 803

Title 11CTitle 11C: Mutual Benefit Enterprises

Ch. 8Article 008: Directors and Officers

This text of Vermont § 803 (Qualifications of directors) 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, § 803 (2026).

Text

(a)Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a mutual benefit enterprise shall be an individual who is a member of the enterprise or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.

(b)Unless the organic rules otherwise provide, a director may be an officer or employee of the mutual benefit enterprise.

(c)If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:

(1)one if there are two through four directors;

(2)two if there are five through eight directors; or

(3)one-third of the total number of directors if there are at least nine directors.

(d)The organic ru

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(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a mutual benefit enterprise shall be an individual who is a member of the enterprise or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee of the mutual benefit enterprise.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(1) one if there are two through four directors;
(2) two if there are five through eight directors; or
(3) one-third of the total number of directors if there are at least nine directors.
(d) The organic rules may provide qualifications for directors in addition to those in this section. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)