Terms Used In Vermont Statutes > Title 11 > Chapter 25 > Subchapter 6 - Member's Dissociation

• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
• Articles of organization: means initial, amended, and restated articles of organization and articles of merger. See
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Business: includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit. 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dissociation: means a complete termination of a member's continued membership in a limited liability company for any reason. See
• Dissolution: means an event under section 4101 of this title which requires a limited liability company to wind up its affairs and to terminate its existence as a legal entity. See
• Distribution: means a transfer of money or property from a limited liability company to a member in the member's capacity as a member or to a transferee of the member's distributional interest. See
• Distributional interest: means the right of a member or transferee to receive a distribution from a limited liability company. See
• Electorate: means the qualified voters in a school district voting at a properly warned school district meeting. See
• Entity: means a person other than an individual. See
• Fiduciary: A trustee, executor, or administrator.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member: means a person that has become a member of a limited liability company under section 4051 of this title and has not dissociated under section 4081 of this title. See
• Member-managed limited liability company: means a limited liability company that is not a manager-managed limited liability company. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operating agreement: means any form of description of membership rights and obligations under section 4003 of this title, stored or depicted in any tangible or electronic medium, which is agreed to by the members, including amendments to the agreement. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Personal estate: shall include all property other than real estate. See
• School board: means the board of school directors elected to manage the schools of a school district, the prudential committee of an incorporated school district, the supervisory union board of directors, and the supervisors of unorganized towns and gores. See
• School district: means town school districts, union school districts, interstate school districts, city school districts, unified union districts, and incorporated school districts, each of which is governed by a publicly elected board. See
• School district meeting: means a duly warned meeting of a school district at which questions are presented to the electorate. See
• School officers: shall include all persons, other than teachers, who have to do with matters pertaining to public schools. See
• School year: means the year beginning July 1 and ending the next June 30. See
• Secretary: means the Secretary of Education. See
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• State Board: means the State Board of Education established by chapter 3 of this title. See
• Statute: A law passed by a legislature.
• Supervisory district: means a supervisory union that consists of only one school district, which may be a unified union district. See
• Supervisory union: means an administrative, planning, and educational service unit created by the State Board under section 261 of this title, that consists of two or more school districts; if the context clearly allows, the term also means a supervisory district. See
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Transfer: includes an assignment, a conveyance, a sale, a lease, an encumbrance, including a mortgage or security interest, a gift, and a transfer by operation of law. See
• Trustee: A person or institution holding and administering property in trust.