The Vermont Statutes Online

Title 11C : Mututal Benefit Enterprises

Chapter 001 : General Provisions

• § 114. Required information

  (a) Subject to subsection (b) of this section, a mutual benefit enterprise shall maintain in a record available at its principal office:

  (1) a list containing the name, last known street address and, if different, mailing address, and term of office of each director and officer;

  (2) the initial articles of organization and all amendments to and restatements of the articles, together with a signed copy of any power of attorney under which any article, amendment, or restatement has been signed;

  (3) the initial bylaws and all amendments to and restatements of the bylaws;

  (4) all filed articles of merger and statements of conversion;

  (5) all financial statements of the enterprise for the six most recent years;

  (6) the six most recent annual reports delivered by the enterprise to the Secretary of State;

  (7) the minutes of members’ meetings for the six most recent years;

  (8) evidence of all actions taken by members without a meeting for the six most recent years;

  (9) a list containing:

  (A) the name, in alphabetical order, and last known street address and, if different, mailing address of each patron member and each investor member; and

  (B) if the enterprise has districts or classes of members, information from which each current member in a district or class may be identified;

  (10) the federal income tax returns, any State and local income tax returns, and any tax reports of the enterprise for the six most recent years;

  (11) accounting records maintained by the enterprise in the ordinary course of its operations for the six most recent years;

  (12) the minutes of directors’ meetings for the six most recent years;

  (13) evidence of all actions taken by directors without a meeting for the six most recent years;

  (14) the amount of money contributed and agreed to be contributed by each member;

  (15) a description and statement of the agreed value of contributions other than money made and agreed to be made by each member;

  (16) the times at which or events on the happening of which any additional contribution is to be made by each member;

  (17) for each member, a description and statement of the member’s interest or information from which the description and statement can be derived; and

  (18) all communications concerning the enterprise made in a record to all members or to all members in a district or class for the six most recent years.

  (b) If a mutual benefit enterprise has existed for less than the period for which records shall be maintained under subsection (a) of this section, the period for which records shall be kept is the period of the enterprise’s existence.

  (c) The organic rules may require that more information be maintained. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)