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 015 : Disposition of Assets
(Cite as: 11C V.S.A. § 1501)-
§ 1501. Disposition of assets not requiring member approval
Unless the articles of organization otherwise provide, member approval under section 1502 of this title is not required for a mutual benefit enterprise to:
(1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the enterprise in the usual and regular course of business; or
(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the enterprise whether or not in the usual and regular course of business. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
