Vt. Stat. Ann. tit. 11C, § 1607
Notice and action on plan of merger by constituent mutual benefit enterprise
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) For a mutual benefit enterprise to merge with another entity, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the enterprise's organic rules.
(1) For a mutual benefit enterprise to merge with another entity, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the enterprise’s organic rules.
(2) The board of directors shall call a members' meeting to consider a plan of merger approved by the board, hold the meeting not later than 90 days after approval of the plan by the board, and mail or otherwise transmit or deliver in a record to each member: the plan of merger, or a summary of the plan and a statement of the manner in which a copy of the plan in a record may be reasonably obtained by a member;
(2) The board of directors shall call a members’ meeting to consider a plan of merger approved by the board, hold the meeting not later than 90 days after approval of the plan by the board, and mail or otherwise transmit or deliver in a record to each member: the plan of merger, or a summary of the plan and a statement of the manner in which a copy of the plan in a record may be reasonably obtained by a member;
(3) a recommendation that the members approve the plan of merger, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(3) a recommendation that the members approve the plan of merger, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(4) a statement of any condition of the board's submission of the plan of merger to the members; and
(4) a statement of any condition of the board’s submission of the plan of merger to the members; and
(5) notice of the meeting at which the plan of merger will be considered, which shall be given in the same manner as notice of a special meeting of members. Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.
(5) notice of the meeting at which the plan of merger will be considered, which shall be given in the same manner as notice of a special meeting of members.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.