A debt, obligation, or other liability of a mutual benefit enterprise is solely that of the enterprise and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an enterprise solely by reason of being a director.
Vt. Stat. Ann. tit. 11C, § 802
No liability as director for mutual benefit enterprise’s obligations
Known as the Mutual Benefit Enterprise Act
The act spans §§ 11–11 (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.