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Vt. Stat. Ann. tit. 11C, § 1202

Nonjudicial dissolution

Known as the Mutual Benefit Enterprise Act

The act spans §§ 11C-1001 to 11C-909 (158 sections).

Added 2011, No. 84 (Adj

Except as otherwise provided in sections 1203 and 1211 of this title, a mutual benefit enterprise is dissolved and its activities shall be wound up:

(1) upon the occurrence of an event or at a time specified in the articles of organization;

(2) upon the action of the enterprise’s organizers, board of directors, or members under section 1204 or 1205 of this title; or

(3) 90 days after the dissociation of a member, which results in the enterprise having one patron member and no other members, unless the enterprise:

(A) has a sole member that is a cooperative; or

(B) not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.

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