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Searching 2021-2022 Session

The Vermont Statutes Online

 

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.)