Vermont Statutes Title 11 Sec. 1602
Terms Used In Vermont Statutes Title 11 Sec. 1602
- Entity: means a person other than an individual. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Organic law: means the statute providing for the creation of an entity or principally governing its internal affairs. See
§ 1602. Conversion
(a) An entity that is not a mutual benefit enterprise may convert to a mutual benefit enterprise and a mutual benefit enterprise may convert to an entity that is not a mutual benefit enterprise pursuant to this section, sections 1603 through 1605 of this title, and a plan of conversion, if:
(1) the other entity’s organic law authorizes the conversion;
(2) the conversion is not prohibited by the law of the jurisdiction that enacted the other entity’s organic law; and
(3) the other entity complies with its organic law in effecting the conversion.
(b) A plan of conversion shall be in a record and shall include:
(1) the name and form of the entity before conversion;
(2) the name and form of the entity after conversion;
(3) the terms and conditions of the conversion, including the manner and basis for converting interests in the converting entity into any combination of money, interests in the converted entity, and other consideration; and
(4) the organizational documents of the proposed converted entity. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Statutes Title 11 Sec. 1602
Terms Used In Vermont Statutes Title 11 Sec. 1602
- Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. 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
- Unit: means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease, or leased to a tenant by lease agreement. See
§ 1602. Consumer protection; enforcement
(a) For purposes of this section, “consumer” means an actual or prospective subscriber, purchaser, member, assignee, or transferee of a cooperative interest with respect to a residential unit. A “consumer” includes a co-obligor or surety for a consumer.
(b) To the extent that a violation of a provision of this chapter affects a consumer, that violation is deemed to be a violation of 9 V.S.A. § 2453 and is subject to all rights, obligations, and penalties provided under 9 Vt. Stat. Ann. chapter 63.
(c) Failure or neglect to provide to subscribers or purchasers the documents and disclosures required by section 1601 of this title is deemed to be a violation of this section. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)