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The Vermont Statutes Online

 

Title 11A : Vermont Business Corporations

Chapter 008 : DIRECTORS AND OFFICERS

Subchapter 002 : MEETINGS AND ACTION OF THE BOARD

(Cite as: 11A V.S.A. § 8.24)
  • § 8.24. Quorum and voting

    (a) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of:

    (1) a majority of the fixed number of directors if the corporation has a fixed board size; or

    (2) a majority of the number of directors prescribed, or if no number is prescribed the number in office immediately before the meeting begins, if the corporation has a variable-range size board.

    (b) If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the board of directors unless the articles of incorporation or bylaws require the vote of a greater number of directors.

    (c) A director who is present at a meeting of the board of directors or a committee of the board of directors when corporate action is taken is deemed to have assented to the action taken unless:

    (1) the director objects at the beginning of the meeting (or promptly upon the director's arrival) to holding it or transacting business at the meeting;

    (2) the director's dissent or abstention from the action taken is entered in the minutes of the meeting; or

    (3) the director delivers written notice of the director's dissent or abstension to the presiding officer of the meeting before its adjournment of the meeting. The right of dissent or abstention is not available to a director who votes in favor of the action taken. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)