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: 30 V.S.A. § 3020)
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§ 3020. Consolidation
Two or more cooperatives licensed in this State under this law, each of which is designated
a “consolidating cooperative,” may consolidate into a new cooperative, designated
the “new cooperative,” by complying with the following requirements:
(1) The proposition for the consolidation of the consolidating cooperatives into the new
cooperative and proposed articles of consolidation to effect the same shall be submitted
to a meeting of the members of each consolidating cooperative, the notice of which
shall have been attached to a copy of the proposed articles of consolidation.
(2) If the proposed consolidation and the proposed articles of consolidation, with amendments,
are approved by the affirmative vote of not less than two-thirds of the members of
each consolidating cooperative voting at each meeting, articles of consolidation in
the form approved shall be executed and acknowledged on behalf of each consolidating
cooperative by its president or vice president and its seal shall be affixed and attested
by its secretary. The articles of consolidation shall recite that they are executed
pursuant to this chapter and shall state: (A) the name of each consolidating cooperative
and the address of its principal office; (B) the name of the new cooperative and the
address of its principal office; (C) a statement that each consolidating cooperative
agrees to the consolidation; (D) the names and addresses of the directors of the new
cooperative; and (E) the terms and conditions of the consolidation and the mode of
carrying the same into effect, including the manner in which members of the consolidating
cooperative may or shall become members of the new cooperative; and may contain provisions
not inconsistent with law or this chapter deemed necessary or advisable for the conduct
of the business of the new cooperative. The president or vice president of each consolidating
cooperative executing articles of consolidation shall make and attach an affidavit
stating that the provisions of this section in respect of such articles were duly
complied with by the cooperative. (Amended 1999, No. 143 (Adj. Sess.), § 16; 2023, No. 85 (Adj. Sess.), § 419, eff. July 1, 2024.)