Vermont Statutes Title 11 Sec. 1594
Terms Used In Vermont Statutes Title 11 Sec. 1594
- Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. See
- 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.
- Limited equity cooperative: means a cooperative housing corporation, organized in accordance with section 1598 of this title. See
- Member: means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title. See
§ 1594. Voting
(a) The votes in a cooperative housing corporation shall be assigned so that each member has one vote.
(b) Voting authority may not be assigned to nonresidents.
(c) Nonmembers may be elected by the membership of the cooperative housing corporation to serve on the board of directors of the cooperative housing corporation, provided that no more than one-third of the directors may be nonmembers.
(d) Voting by proxy may be permitted in cooperative housing corporations, provided that proxies are assigned to members and that no more than one proxy may be voted by any member on any question.
(e) Voting by early voter absentee ballots may be permitted in cooperative housing corporations.
(f) Notwithstanding subsection (a) of this section, a cooperative housing corporation not organized as a limited equity cooperative pursuant to section 1598 of this title may adopt in its articles of association or bylaws, a voting scheme other than one vote per member, except that decisions to merge a cooperative housing corporation with another entity, dissolve it, or amend its articles of association or bylaws shall be made on the basis of one vote per member. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 2001, No. 6, § 12(a), eff. April 10, 2001.)