Vermont Statutes Title 11 Sec. 803
Terms Used In Vermont Statutes Title 11 Sec. 803
- Director: means a director of a mutual benefit enterprise. See
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. 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
§ 803. Qualifications of directors
(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a mutual benefit enterprise shall be an individual who is a member of the enterprise or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee of the mutual benefit enterprise.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(1) one if there are two through four directors;
(2) two if there are five through eight directors; or
(3) one-third of the total number of directors if there are at least nine directors.
(d) The organic rules may provide qualifications for directors in addition to those in this section. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Statutes Title 11 Sec. 803
Terms Used In Vermont Statutes Title 11 Sec. 803
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
§ 803. Applicability of general corporation law
The general corporation law under chapters 1 and 17 of this title shall be applicable to professional corporations and they shall enjoy the powers and privileges and be subject to the duties, restrictions, and liabilities of other corporations, except where inconsistent with the letter and purpose of this chapter. This chapter shall take precedence in the event of any conflict with provisions of the general corporation law or other laws. (1963, No. 218, § 4, eff. July 3, 1963.)