Vt. Stat. Ann. tit. 11, § 1596
Directors; election; removal
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) The business of the cooperative housing corporation shall be managed by a board of directors of not less than three individuals, elected by the members from their own number, except as provided in subsection 1594(c) of this title.
(1) The business of the cooperative housing corporation shall be managed by a board of directors of not less than three individuals, elected by the members from their own number, except as provided in subsection 1594(c) of this title.
(2) In cooperative housing corporations with less than 20 members, the bylaws may provide that the members shall constitute the board of directors.
(2) In cooperative housing corporations with less than 20 members, the bylaws may provide that the members shall constitute the board of directors.
(3) Directors may be removed from office for cause shown, by a two-thirds vote of the board of directors at a meeting duly convened for this purpose. Directors may be removed from office without cause, by no less than a majority vote of the cooperative housing corporation’s members at a meeting duly convened for this purpose. Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.
(3) Directors may be removed from office for cause shown, by a two-thirds vote of the board of directors at a meeting duly convened for this purpose. Directors may be removed from office without cause, by no less than a majority vote of the cooperative housing corporation’s members at a meeting duly convened for this purpose.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.