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Searching 2023-2024 Session

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 013 : Action by Member

(Cite as: 11C V.S.A. § 1301)
  • § 1301. Derivative action

    A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:

    (1) the member demands that the enterprise bring an action to enforce the right; and

    (2) any of the following occur:

    (A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action;

    (B) the enterprise notifies the member that it has rejected the demand;

    (C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or

    (D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)