The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
(Cite as: 11 V.S.A. § 1589)
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§ 1589. Subscriptions for membership prior to organization; organization meeting
(a) Within two years after issuance of the certificate of incorporation of a cooperative
housing corporation, the cooperative housing corporation shall secure memberships
or subscription agreements representing no less than 80 percent of the units in the
cooperative housing corporation. In the case of a conversion, other than a conversion
of a mobile home park, subscription agreements representing no less than 50 percent
of the units in the proposed cooperative housing corporation shall be secured prior
to issuance of the certificate of incorporation, provided that at the expiration of
the two-year period after issuance of the certificate of incorporation or at the expiration
of the notice periods provided to tenants at 27 V.S.A. § 1333, whichever comes later, no fewer than 80 percent of the units in the cooperative
housing corporation shall be occupied by members, occupied by sublessees permitted
under subdivision 1599(1) of this title, or subject to subscription agreements. In the case of a conversion of a mobile home
park, subscription agreements representing no fewer than 25 percent of the units in
a proposed cooperative housing corporation shall be secured prior to issuance of the
certificate of incorporation, provided that at the expiration of the two-year period
after issuance of the certificate of incorporation or at the expiration of the notice
periods provided to tenants pursuant to 27 V.S.A. § 1333, whichever comes later, no fewer than 80 percent of the units in the cooperative
housing corporation shall be occupied by members, occupied by sublessees permitted
under subdivision 1599(1) of this title, or subject to subscription agreements. Extensions of the time limits imposed by
this section may be granted by the Commissioner of Housing and Community Affairs for
cooperative housing corporations containing more than 50 units or for cooperative
housing corporations formed in connection with the conversion of a mobile home park.
(b) Within six months after the first conveyance of a share to a member, an organization
meeting of the cooperative housing corporation shall be held for the purpose of adopting
bylaws, electing officers and transacting such other business as may come before the
meeting. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 2005, No. 116 (Adj. Sess.), § 2, eff. April 26, 2006.)