A sale, lease, exchange, license, or other disposition of assets of a mutual benefit enterprise, other than a disposition described in section 1501 of this title, requires approval of the enterprise’s members under sections 1503 and 1504 of this title if the disposition leaves the enterprise without significant continuing business activity.
Vt. Stat. Ann. tit. 11C, § 1502
Member approval of other disposition of assets
Known as the Mutual Benefit Enterprise Act
The act spans §§ 11C-1001 to 11C-909 (158 sections).
Added 2011, No. 84 (Adj
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.