The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
Title 11C : Mututal Benefit Enterprises
Chapter 013 : ACTION BY MEMBER
(Cite as: 11C V.S.A. § 1302)-
§ 1302. Proper plaintiff
(a) A derivative action to enforce a right of a mutual benefit enterprise may be maintained only by a person that:
(1) is a member or a dissociated member at the time the action is commenced and:
(A) was a member when the conduct giving rise to the action occurred; or
(B) whose status as a member devolved upon the person by operation of law or the organic rules from a person that was a member at the time of the conduct; and
(2) adequately represents the interests of the enterprise.
(b) If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member who meets the requirements of subsection (a) of this section to be substituted as plaintiff. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
