Vermont Statutes Title 11 Sec. 1202
Terms Used In Vermont Statutes Title 11 Sec. 1202
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Cooperative: means an entity organized under any cooperative law of any jurisdiction. See
- 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:
§ 1202. Nonjudicial dissolution
Except as otherwise provided in sections 1203 and 1211 of this title, a mutual benefit enterprise is dissolved and its activities shall be wound up:
(1) upon the occurrence of an event or at a time specified in the articles of organization;
(2) upon the action of the enterprise’s organizers, board of directors, or members under section 1204 or 1205 of this title; or
(3) 90 days after the dissociation of a member, which results in the enterprise having one patron member and no other members, unless the enterprise:
(A) has a sole member that is a cooperative; or
(B) not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)