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: 11C V.S.A. § 402)
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§ 402. Notice and action on amendment of organic rules
(a) Except as provided in subsections 401(a) and 405(f) of this title, the organic rules of a mutual benefit enterprise may be amended only at a members’
meeting. An amendment may be proposed by either:
(1) a majority of the board of directors or a greater percentage if required by the organic
rules; or
(2) one or more petitions signed by at least 10 percent of the patron members or at least
10 percent of the investor members.
(b) The board of directors shall call a members’ meeting to consider an amendment proposed
pursuant to subsection (a) of this section. The meeting shall be held not later than
90 days following the proposal of the amendment by the board or receipt of a petition.
The board shall mail or otherwise transmit or deliver in a record to each member:
(1) the proposed amendment or a summary of the proposed amendment and a statement of the
manner in which a copy of the amendment in a record may be reasonably obtained by
a member;
(2) a recommendation that the members approve the amendment or, if the board determines
that because of conflict of interest or other special circumstances it should not
make a favorable recommendation, the basis for that determination;
(3) a statement of any condition of the board’s submission of the amendment to the members;
and
(4) notice of the meeting at which the proposed amendment will be considered, which shall
be given in the same manner as notice for a special meeting of members. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)