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Searching 2019-2020 Session

The Vermont Statutes Online

The statutes were updated in November, 2018, and contain all actions of the
2018 legislative session.

Title 11A : Vermont Business Corporations

Chapter 020 : CLOSE CORPORATIONS

(Cite as: 11A V.S.A. § 20.10)
  • § 20.10. Merger or consolidation

    (a) A plan of merger that if effected would terminate the close corporation status of a corporation shall be approved by a vote of at least two-thirds of the votes of the outstanding shares of such corporation, provided that if any class of shares is entitled to vote as a group, the plan of merger or consolidation shall be approved by the affirmative vote of the holders of at least two-thirds of the outstanding shares of each voting group and the affirmative vote of the holders of at least two-thirds of the total outstanding shares.

    (b) A plan of merger that if effected would create the surviving corporation as a close corporation shall be approved by a vote of at least two-thirds of the votes of the outstanding shares of each close corporation, provided that if any class of shares of any such corporation is entitled to vote as a group, the plan of merger or consolidation shall be approved by the affirmative vote of the holders of at least two-thirds of the outstanding shares of each voting group and the affirmative vote of the holders of at least two-thirds of the total outstanding shares.

    (c) If the plan of merger is approved by the required vote, any shareholder who voted against the plan shall be entitled to assert dissenters' rights as provided in sections 13.01 through 13.28 of this title. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)