Vermont Statutes Title 11 Sec. 1501
Terms Used In Vermont Statutes Title 11 Sec. 1501
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
§ 1501. Procedure
The word “persons” as used in sections 42 and 1925 of this title shall apply to and include churches and religious or ecclesiastical corporations or societies. Churches and religious or ecclesiastical corporations or societies desiring to unite and form a corporation under the provisions of chapters 1 and 17 of this title shall hold meetings of their members to vote upon the question. Notices of such meetings and of the fact that the question of forming a corporation under the terms of such chapters is to be considered thereat shall be sent to all of the members of such churches, societies, or corporations. Voting at such meetings may be in person or by proxy, and a majority of the votes cast at such a meeting shall be necessary to determine the question of forming a corporation.
Vermont Statutes Title 11 Sec. 1501
Terms Used In Vermont Statutes Title 11 Sec. 1501
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mutual benefit enterprise: means an enterprise organized under this title. See
§ 1501. Disposition of assets not requiring member approval
Unless the articles of organization otherwise provide, member approval under section 1502 of this title is not required for a mutual benefit enterprise to:
(1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the enterprise in the usual and regular course of business; or
(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the enterprise whether or not in the usual and regular course of business. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)