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Vt. Stat. Ann. tit. 11, § 1087

Voting shares; bylaws; amendment of articles of organization

Known as the Worker Cooperative Corporations Act

The act spans §§ 11–11 (12 sections).

Added 1985, No. 46, § 1; amended 2023, No. 85 (Adj

(a) No capital stock other than membership shares shall be given voting power in a worker cooperative except as otherwise provided in this chapter or in the articles of incorporation.

(b) Notwithstanding 11A V.S.A. § 10.20, the power to adopt, amend, or repeal bylaws of a worker cooperative shall be in the members only.

(c) 11A V.S.A. chapter 10, subchapter 1 relating to amendments to the articles of incorporation shall be construed to limit voting on any amendment of the articles of incorporation of a worker cooperative to the members, except that amendments affecting the rights of a class of stockholders may not be adopted without the vote of such stockholders in accordance with 11A V.S.A. § 10.04.

Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.