Vermont Statutes Title 11 Sec. 514
Terms Used In Vermont Statutes Title 11 Sec. 514
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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
- 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
§ 514. Voting requirements for members
If a mutual benefit enterprise has both patron and investor members, the following rules apply:
(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote.
(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:
(A) all members voting at the meeting unless more than a majority is required by articles 4, 12, 15, and 16 of this title or the organic rules; and
(B) votes cast by patron members unless the organic rules require a larger affirmative vote by patron members.
(3) The organic rules may provide for the percentage of the affirmative votes that shall be cast by investor members to approve the matter. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)