Vt. Stat. Ann. tit. 11C, § 1202
Nonjudicial dissolution
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
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:
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;
(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
(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: has a sole member that is a cooperative; 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: has a sole member that is a cooperative; or
(4) 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. Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.
(4) 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.