Vt. Stat. Ann. tit. 11C, § 1305
Proceeds and expenses
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) Except as otherwise provided in subsection (b) of this section: any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and
(1) Except as otherwise provided in subsection (b) of this section: any proceeds or other benefits of a derivative action to enforce a right of a mutual benefit enterprise, whether by judgment, compromise, or settlement, belong to the enterprise and not to the plaintiff; and
(2) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.
(2) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the enterprise.
(3) If a derivative action to enforce a right of a mutual benefit enterprise is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the enterprise. Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.
(3) If a derivative action to enforce a right of a mutual benefit enterprise is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the enterprise.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.