The Vermont Statutes Online
The Statutes below include the actions of the 2024 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.
Title 11C : Mututal Benefit Enterprises
Chapter 013 : Action by Member
(Cite as: 11C V.S.A. § 1301)-
§ 1301. Derivative action
A member may maintain a derivative action to enforce a right of a mutual benefit enterprise if:
(1) the member demands that the enterprise bring an action to enforce the right; and
(2) any of the following occur:
(A) the enterprise does not, within 90 days after the member makes the demand, agree to bring the action;
(B) the enterprise notifies the member that it has rejected the demand;
(C) irreparable harm to the enterprise would result by waiting 90 days after the member makes the demand; or
(D) the enterprise agrees to bring an action demanded and fails to bring the action within a reasonable time. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
