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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 11 : Corporations, Partnerships and Associations

Chapter 014 : Cooperative Housing Ownership Act

(Cite as: 11 V.S.A. § 1591)
  • § 1591. Membership

    (a) A cooperative housing corporation shall be organized on a membership basis with capital stock.

    (b) A cooperative housing corporation shall have one class of stock and, therefore, one class of members, all of whom must be residents except as provided in subdivision 1599(1) of this title. The designation, qualifications, requirements, method of acceptance, and incidents of membership shall be set forth in the articles of association or the bylaws.

    (c) No member may transfer his or her membership except as permitted in the articles of association or the bylaws.

    (d) The bylaws may provide for termination of membership and the conditions and terms thereof. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)