Vermont Statutes Title 11 Sec. 116
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Terms Used In Vermont Statutes Title 11 Sec. 116
- Investor member: means a member that has made a contribution to a mutual benefit enterprise and:
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
- Patron member: means a member that has made a contribution to a mutual benefit enterprise and:
- Person: means an individual; corporation; business trust; cooperative; estate; trust; partnership; limited partnership; limited liability company; mutual benefit enterprise; joint venture; association; public corporation; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See
§ 116. Dual capacity
A person may have a patron member‘s interest and an investor member‘s interest in a mutual benefit enterprise. When such person acts as a patron member, the person is subject to this title and the organic rules governing patron members. When such person acts as an investor member, the person is subject to this title and the organic rules governing investor members. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)