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Vt. Stat. Ann. tit. 11C, § 1501

Disposition of assets not requiring member approval

Known as the Mutual Benefit Enterprise Act

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

Added 2011, No. 84 (Adj

Unless the articles of organization otherwise provide, member approval under section 1502 of this title is not required for a mutual benefit enterprise to:

(1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the enterprise in the usual and regular course of business; or

(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the enterprise whether or not in the usual and regular course of business.

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