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.
(Cite as: 11B V.S.A. § 11.01)
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§ 11.01. Approval of plan of merger
(a) Subject to the limitations set forth in section 11.02 of this title, one or more nonprofit corporations may merge into an existing business or nonprofit
corporation, which may be one of the merging corporations as long as the plan of merger
is approved as provided in section 11.03 of this title.
(b) The plan of merger must set forth:
(1) the name of each corporation planning to merge and the name of the surviving corporation
into which each plans to merge;
(2) the terms and conditions of the planned merger; and
(3) the manner and basis, if any, of converting the memberships of each public benefit
corporation into memberships of the surviving corporation; and
(4) if the merger involves a mutual benefit corporation, the manner and basis, if any,
of converting memberships of each merging corporation into memberships, obligations,
or securities of the surviving or any other corporation or into cash or other property
in whole or part.
(c) The plan of merger shall set forth any amendments to the articles of incorporation
or bylaws of the surviving corporation to be effected by the planned merger and may
set forth other provisions relating to the planned merger. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)