The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 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.
Title 11C : Mututal Benefit Enterprises
Chapter 011 : Dissociation
(Cite as: 11C V.S.A. § 1102)-
§ 1102. Effect of dissociation as member
(a) Upon a member’s dissociation:
(1) subject to section 1103 of this title, the person has no further rights as a member; and
(2) subject to section 1103 of this title and article 16 of this title, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.
(b) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the mutual benefit enterprise that the person incurred under the organic rules, by contract, or by other means while a member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
