The Vermont Statutes Online
The Statutes below include the actions of the 2025 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.
(Cite as: 11C V.S.A. § 1503)
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§ 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.)