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. § 803)
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§ 803. Qualifications of directors
(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this
section, each director of a mutual benefit enterprise shall be an individual who is
a member of the enterprise or an individual who is designated by a member that is
not an individual for purposes of qualifying and serving as a director. Initial directors
need not be members.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee
of the mutual benefit enterprise.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors
may not exceed:
(1) one if there are two through four directors;
(2) two if there are five through eight directors; or
(3) one-third of the total number of directors if there are at least nine directors.
(d) The organic rules may provide qualifications for directors in addition to those in
this section. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)