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.
Subchapter
001
:
BOARD OF DIRECTORS
(Cite as: 11A V.S.A. § 8.09)
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§ 8.09. Removal of directors by judicial proceeding
(a)(1) The Superior Court may remove a director of the corporation from office in a proceeding
commenced either by the corporation or by its shareholders holding at least ten percent
of the outstanding shares of any class if the court finds that:
(A) the director engaged in fraudulent or dishonest conduct relating to the corporation,
or in a gross abuse of authority or discretion relating to the corporation; and
(B) removal is in the best interest of the corporation.
(2) The petition for removal shall be filed:
(A) in the county where the corporation’s principal office is located;
(B) in the county where the corporation’s registered office is located if the corporation
has no principal office in this State; or
(C) in the Washington County Superior Court where the corporation has no principal office
or registered office in this State.
(b) The court that removes a director may bar the director from reelection for a period
prescribed by the court.
(c) If shareholders commence a proceeding under subsection (a) of this section, they shall
make the corporation a party defendant. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)