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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


(Cite as: 11C V.S.A. § 1503)
  • § 1503. Notice and action on disposition of assets

    For a mutual benefit enterprise to dispose of assets under section 1502 of this title:

    (1) a majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and

    (2) the board of directors shall call a members’ meeting to consider the proposed disposition, hold the meeting not later than 90 days after approval of the proposed disposition by the board, and mail or otherwise transmit or deliver in a record to each member:

    (A) the terms of the proposed disposition;

    (B) a recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;

    (C) a statement of any condition of the board’s submission of the proposed disposition to the members; and

    (D) notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)