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 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.)
