The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
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.)