The Vermont Statutes Online
The Vermont Statutes Online does not include the actions of the 2024 session of the General Assembly. We expect them to be updated by November 1st.
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 012 : Dissolution
(Cite as: 11C V.S.A. § 1206)-
§ 1206. Winding up
(a) A mutual benefit enterprise continues after dissolution only for purposes of winding up its activities.
(b) In winding up a mutual benefit enterprise’s activities, the board of directors shall cause the enterprise to:
(1) discharge its liabilities, settle and close its activities, and marshal and distribute its assets;
(2) preserve the enterprise or its property as a going concern for no more than a reasonable time;
(3) prosecute and defend actions and proceedings;
(4) transfer enterprise property; and
(5) perform other necessary acts.
(c) After dissolution and upon application of a mutual benefit enterprise, a member, or a holder of financial rights, the Superior Court may order judicial supervision of the winding up of the enterprise, including the appointment of a person to wind up the enterprise’s activities, if:
(1) after a reasonable time, the enterprise has not wound up its activities; or
(2) the applicant establishes other good cause.
(d) If a person is appointed pursuant to subsection (c) of this section to wind up the activities of a mutual benefit enterprise, the enterprise shall promptly deliver to the Secretary of State for filing an amendment to the articles of organization to reflect the appointment. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
