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Vt. Stat. Ann. tit. 11C, § 401

Authority to amend organic rules

Known as the Mutual Benefit Enterprise Act

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

Added 2011, No. 84 (Adj

(a) A mutual benefit enterprise may amend its organic rules under this article for any lawful purpose. In addition, the initial board of directors may amend the bylaws of an enterprise under section 304 of this title.

(b) Unless the organic rules otherwise provide, a member does not have a vested property right resulting from any provision in the organic rules, including a provision relating to the management, control, capital structure, distribution, entitlement, purpose, or duration of the mutual benefit enterprise.

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