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. § 3026)
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§ 3026. Private corporation; change
A corporation organized under the laws of this State and supplying or authorized to
supply energy may be converted into a cooperative by complying with the following
requirements and shall become subject to this chapter with the same effect as if originally
organized under this chapter:
(1) The proposition for the conversion of a corporation into a cooperative and proposed
articles of conversion to give effect to shall be submitted to a meeting of the members
or stockholders of a corporation, the notice of which shall have attached a copy of
the proposed articles of conversion.
(2) If the proposition for the conversion of a corporation into a cooperative and the
proposed articles of conversion, with amendments, are approved by the affirmative
vote of not less than two-thirds of those members of such corporation voting at the
meeting, or, if such corporation is a stock corporation, by the affirmative vote of
the holders of not less than two-thirds of the shares of the capital stock of the
corporation represented at the meeting and voting articles of conversion in the form
approved shall be executed and acknowledged on behalf of the corporation by its president
or vice president and its seal shall be affixed to it and attested by its secretary.
(3) The articles of conversion shall recite that they are executed pursuant to this chapter
and shall state: (A) the name of the corporation and the address of its principal
office prior to its conversion into a cooperative; (B) the statute or statutes under
which it was organized; (C) a statement that the corporation elects to become a cooperative
subject to this chapter; (D) its name as a cooperative; (E) the address of the principal
office of the cooperative; (F) the names and addresses of the directors of the cooperative;
and (G) the manner in which members or stockholders of the corporation may become
members of the cooperative; and may contain any provisions not inconsistent with law
or this chapter deemed necessary or advisable for the conduct of the business of the
cooperative. The president or vice president executing articles of conversion shall
make and attach to an affidavit stating that the provisions of this section were duly
complied with in respect of such articles. The articles of conversion shall be deemed
to be the articles of incorporation of the cooperative. (Amended 1999, No. 143 (Adj. Sess.), § 18; 2023, No. 85 (Adj. Sess.), § 422, eff. July 1, 2024.)