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: 27A V.S.A. § 2-121)
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§ 2-121. Merger or consolidation of common interest communities
(a) Any two or more common interest communities with the same form of ownership, by agreement
of the unit owners as provided in subsection (b) of this section, may be merged or
consolidated into a single common interest community by agreement of the unit owners.
In the event of a merger or consolidation, unless the agreement otherwise provides,
the resultant common interest community is the successor, for all purposes, of all
the preexisting common interest communities, and the operations and activities of
all associations of the preexisting common interest communities are merged or consolidated
into a single association that holds the powers, rights, obligations, assets, and
liabilities of the preexisting associations.
(b) An agreement of two or more common interest communities to merge or consolidate pursuant
to subsection (a) of this section shall be evidenced by an agreement prepared, executed,
recorded, and certified by the president of the association of each of the preexisting
common interest communities following approval by owners of units to which are allocated
the percentage of votes in each common interest community required to terminate that
common interest community. The agreement shall not be effective until it is recorded
in all municipalities in which the common interest community is located.
(c) Every merger or consolidation agreement shall provide for the reallocation of the
allocated interests in the new association among the units of the resultant common
interest community either:
(1) by stating the reallocations or the formulas upon which they are based; or
(2) by stating the percentage of overall allocated interests of the new common interest
community that are allocated to all of the units comprising each of the preexisting
common interest communities and providing that the portion of the percentages allocated
to each unit formerly comprising a part of a preexisting common interest community
must be equal to the percentages of allocated interests allocated to that unit by
the declaration of the preexisting common interest community. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)