Skip to navigation Skip to content Skip to subnav
Searching 2023-2024 Session

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. § 1305)
  • § 1305. Proceeds and expenses

    (a) Except as otherwise provided in subsection (b) of this section:

    (1) any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and

    (2) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.

    (b) If a derivative action to enforce a right of a mutual benefit enterprise is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)