Vermont Statutes Title 11 Sec. 512
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Terms Used In Vermont Statutes Title 11 Sec. 512
- Cooperative: means an entity organized under any cooperative law of any jurisdiction. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. 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:
- Patronage: means business transactions between a mutual benefit enterprise and a person that entitles the person to receive financial rights based on the value or quantity of business done between the enterprise and the person. See
- Voting power: means the total current power of members to vote on a particular matter for which a vote may or is to be taken. See
§ 512. Determination of voting power of patron member
(a) The organic rules may allocate voting power among patron members on the basis of one or a combination of the following:
(1) one member, one vote;
(2) use or patronage;
(3) equity; or
(4) if a patron member is a cooperative, the number of its patron members.
(b) The organic rules may provide for the allocation of patron member voting power by districts or class or any combination thereof. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)