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. § 1596)-
§ 1596. Directors; election; removal
(a) The business of the cooperative housing corporation shall be managed by a board of directors of not less than three individuals, elected by the members from their own number, except as provided in subsection 1594(c) of this title.
(b) In cooperative housing corporations with less than 20 members, the bylaws may provide that the members shall constitute the board of directors.
(c) Directors may be removed from office for cause shown, by a two-thirds vote of the board of directors at a meeting duly convened for this purpose. Directors may be removed from office without cause, by no less than a majority vote of the cooperative housing corporation’s members at a meeting duly convened for this purpose. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)
