Mutual Benefit Enterprise Act

Vermont · Mutual Benefit Enterprises · §§ 11C-1001 to 11C-909 · 158 sections

Overview

The Mutual Benefit Enterprise Act governs the formation, internal governance, and dissolution of mutual benefit enterprises organized under Vermont law, establishing the entity's legal nature, permitted purposes, powers, duration, and the governing law and supplemental legal principles that apply to it. It sets out the mechanics of organization and identity — organic rules, naming and name reservation, required records, and a designated office and agent for service of process — alongside the financial relationship between members and the enterprise, covering contributions and contribution agreements, valuation, allocation of profits and losses, distributions and the limits on them, redemption or repurchase of interests, and liability for improper distributions. It also addresses a member's dissociation and its effects, transactions between a member and the enterprise, and winding up, providing for voluntary, nonjudicial, and judicial dissolution, distribution of assets, and the treatment of known and other claims against a dissolved enterprise.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Vt. Stat. Ann. tit. 11C, § 1001Members’ contributions
Vt. Stat. Ann. tit. 11C, § 1002Contribution and valuation
Vt. Stat. Ann. tit. 11C, § 1003Contribution agreements
Vt. Stat. Ann. tit. 11C, § 1004Allocations of profits and losses
Vt. Stat. Ann. tit. 11C, § 1005Distributions
Vt. Stat. Ann. tit. 11C, § 1006Redemption or repurchase
Vt. Stat. Ann. tit. 11C, § 1007Limitations on distributions
Vt. Stat. Ann. tit. 11C, § 1008Liability for improper distributions; limitation of action
Vt. Stat. Ann. tit. 11C, § 101Short title
Vt. Stat. Ann. tit. 11C, § 102Definitions
Vt. Stat. Ann. tit. 11C, § 103Mutual benefit enterprise subject to amendment or repeal
Vt. Stat. Ann. tit. 11C, § 104Nature of mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 105Purpose and duration of mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 106Powers
Vt. Stat. Ann. tit. 11C, § 107Governing law
Vt. Stat. Ann. tit. 11C, § 108Supplemental principles of law
Vt. Stat. Ann. tit. 11C, § 109Requirements of other laws
Vt. Stat. Ann. tit. 11C, § 110Relation to restraint of trade and antitrust laws
Vt. Stat. Ann. tit. 11C, § 1101Member’s dissociation
Vt. Stat. Ann. tit. 11C, § 1102Effect of dissociation as member
Vt. Stat. Ann. tit. 11C, § 1103Power of estate of member
Vt. Stat. Ann. tit. 11C, § 111Name
Vt. Stat. Ann. tit. 11C, § 112Reservation of name
Vt. Stat. Ann. tit. 11C, § 113Effect of organic rules
Vt. Stat. Ann. tit. 11C, § 114Required information
Vt. Stat. Ann. tit. 11C, § 115Business transactions of member with mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 116Dual capacity
Vt. Stat. Ann. tit. 11C, § 117Designated office and agent for service of process
Vt. Stat. Ann. tit. 11C, § 118Change of designated office or agent for service of process
Vt. Stat. Ann. tit. 11C, § 119Resignation of agent for service of process
Vt. Stat. Ann. tit. 11C, § 120Service of process
Vt. Stat. Ann. tit. 11C, § 1201Dissolution and winding up
Vt. Stat. Ann. tit. 11C, § 1202Nonjudicial dissolution
Vt. Stat. Ann. tit. 11C, § 1203Judicial dissolution
Vt. Stat. Ann. tit. 11C, § 1204Voluntary dissolution before commencement of activity
Vt. Stat. Ann. tit. 11C, § 1205Voluntary dissolution by the board and members
Vt. Stat. Ann. tit. 11C, § 1206Winding up
Vt. Stat. Ann. tit. 11C, § 1207Distribution of assets in winding up mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 1208Known claims against dissolved mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 1209Other claims against dissolved mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 1210Court proceeding
Vt. Stat. Ann. tit. 11C, § 1211Administrative dissolution
Vt. Stat. Ann. tit. 11C, § 1212Reinstatement following administrative dissolution
Vt. Stat. Ann. tit. 11C, § 1213Denial of reinstatement; appeal
Vt. Stat. Ann. tit. 11C, § 1214[Reserved.]
Vt. Stat. Ann. tit. 11C, § 1215Statement of termination
Vt. Stat. Ann. tit. 11C, § 1301Derivative action
Vt. Stat. Ann. tit. 11C, § 1302Proper plaintiff
Vt. Stat. Ann. tit. 11C, § 1303Pleading
Vt. Stat. Ann. tit. 11C, § 1304Approval for discontinuance or settlement
Vt. Stat. Ann. tit. 11C, § 1305Proceeds and expenses
Vt. Stat. Ann. tit. 11C, § 1401Governing law
Vt. Stat. Ann. tit. 11C, § 1402Application for certificate of authority
Vt. Stat. Ann. tit. 11C, § 1403Activities not constituting transacting business
Vt. Stat. Ann. tit. 11C, § 1404Issuance of certificate of authority
Vt. Stat. Ann. tit. 11C, § 1405Noncomplying name of foreign enterprise
Vt. Stat. Ann. tit. 11C, § 1406Revocation of certificate of authority
Vt. Stat. Ann. tit. 11C, § 1407Cancellation of certificate of authority; effect of failure to have certificate
Vt. Stat. Ann. tit. 11C, § 1408Action by Attorney General
Vt. Stat. Ann. tit. 11C, § 1501Disposition of assets not requiring member approval
Vt. Stat. Ann. tit. 11C, § 1502Member approval of other disposition of assets
Vt. Stat. Ann. tit. 11C, § 1503Notice and action on disposition of assets
Vt. Stat. Ann. tit. 11C, § 1504Disposition of assets
Vt. Stat. Ann. tit. 11C, § 1601Definitions
Vt. Stat. Ann. tit. 11C, § 1602Conversion
Vt. Stat. Ann. tit. 11C, § 1603Action on plan of conversion by converting mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 1604Filings required for conversion; effective date
Vt. Stat. Ann. tit. 11C, § 1605Effect of conversion
Vt. Stat. Ann. tit. 11C, § 1606Merger
Vt. Stat. Ann. tit. 11C, § 1607Notice and action on plan of merger by constituent mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 1608Approval or abandonment of merger by members
Vt. Stat. Ann. tit. 11C, § 1609Filings required for merger; effective date
Vt. Stat. Ann. tit. 11C, § 1610Effect of merger
Vt. Stat. Ann. tit. 11C, § 1611Consolidation
Vt. Stat. Ann. tit. 11C, § 1612Article not exclusive
Vt. Stat. Ann. tit. 11C, § 1701Uniformity of application and construction
Vt. Stat. Ann. tit. 11C, § 1702Relation to electronic signatures in Global and National Commerce Act
Vt. Stat. Ann. tit. 11C, § 1703Savings clause
Vt. Stat. Ann. tit. 11C, § 201Signing of records delivered for filing to Secretary of State
Vt. Stat. Ann. tit. 11C, § 202Signing and filing of records pursuant to judicial order
Vt. Stat. Ann. tit. 11C, § 203Delivery to and filing of records by Secretary of State; effective time and date
Vt. Stat. Ann. tit. 11C, § 204Correcting filed record
Vt. Stat. Ann. tit. 11C, § 205Liability for inaccurate information in filed record
Vt. Stat. Ann. tit. 11C, § 206Certificate of good standing
Vt. Stat. Ann. tit. 11C, § 207Annual report for Secretary of State
Vt. Stat. Ann. tit. 11C, § 208Filing fees
Vt. Stat. Ann. tit. 11C, § 301Organizers
Vt. Stat. Ann. tit. 11C, § 302Formation of mutual benefit enterprise; articles of organization
Vt. Stat. Ann. tit. 11C, § 303Organization of mutual benefit enterprise
Vt. Stat. Ann. tit. 11C, § 304Bylaws
Vt. Stat. Ann. tit. 11C, § 401Authority to amend organic rules
Vt. Stat. Ann. tit. 11C, § 402Notice and action on amendment of organic rules
Vt. Stat. Ann. tit. 11C, § 403Method of voting on amendment of organic rules
Vt. Stat. Ann. tit. 11C, § 404Voting by district, class, or voting group
Vt. Stat. Ann. tit. 11C, § 405Approval of amendment
Vt. Stat. Ann. tit. 11C, § 406Restated articles of organization
Vt. Stat. Ann. tit. 11C, § 407Amendment or restatement of articles of organization; filing
Vt. Stat. Ann. tit. 11C, § 501Members
Vt. Stat. Ann. tit. 11C, § 502Becoming a member
Vt. Stat. Ann. tit. 11C, § 503No power as member to bind enterprise
Vt. Stat. Ann. tit. 11C, § 504No liability as member for enterprise’s obligations
Vt. Stat. Ann. tit. 11C, § 505Right of member and former member to information
Vt. Stat. Ann. tit. 11C, § 506Annual meeting of members
Vt. Stat. Ann. tit. 11C, § 507Special meeting of members
Vt. Stat. Ann. tit. 11C, § 508Notice of members’ meeting
Vt. Stat. Ann. tit. 11C, § 509Waiver of member’s meeting notice
Vt. Stat. Ann. tit. 11C, § 510Quorum of members
Vt. Stat. Ann. tit. 11C, § 511Voting by patron members
Vt. Stat. Ann. tit. 11C, § 512Determination of voting power of patron member
Vt. Stat. Ann. tit. 11C, § 513Voting by investor members
Vt. Stat. Ann. tit. 11C, § 514Voting requirements for members
Vt. Stat. Ann. tit. 11C, § 515Manner of voting
Vt. Stat. Ann. tit. 11C, § 516Action without a meeting
Vt. Stat. Ann. tit. 11C, § 517Districts and delegates; classes of members
Vt. Stat. Ann. tit. 11C, § 601Member’s interest
Vt. Stat. Ann. tit. 11C, § 602Patron and investor member’s interests
Vt. Stat. Ann. tit. 11C, § 603Transferability of member’s interest
Vt. Stat. Ann. tit. 11C, § 604Security interest and set-off
Vt. Stat. Ann. tit. 11C, § 605Charging orders for judgment creditor of member or transferee
Vt. Stat. Ann. tit. 11C, § 701Authority
Vt. Stat. Ann. tit. 11C, § 702Marketing contracts
Vt. Stat. Ann. tit. 11C, § 703Duration of marketing contract
Vt. Stat. Ann. tit. 11C, § 704Remedies for breach of contract
Vt. Stat. Ann. tit. 11C, § 801Board of directors
Vt. Stat. Ann. tit. 11C, § 802No liability as director for mutual benefit enterprise’s obligations
Vt. Stat. Ann. tit. 11C, § 803Qualifications of directors
Vt. Stat. Ann. tit. 11C, § 804Election of directors and composition of board
Vt. Stat. Ann. tit. 11C, § 805Term of director
Vt. Stat. Ann. tit. 11C, § 806Resignation of director
Vt. Stat. Ann. tit. 11C, § 807Removal of director
Vt. Stat. Ann. tit. 11C, § 808Suspension of director by board
Vt. Stat. Ann. tit. 11C, § 809Vacancy on board
Vt. Stat. Ann. tit. 11C, § 810Remuneration of directors
Vt. Stat. Ann. tit. 11C, § 811Meetings
Vt. Stat. Ann. tit. 11C, § 812Action without meeting
Vt. Stat. Ann. tit. 11C, § 813Meetings and notice
Vt. Stat. Ann. tit. 11C, § 814Waiver of notice of meeting
Vt. Stat. Ann. tit. 11C, § 815Quorum
Vt. Stat. Ann. tit. 11C, § 816Voting
Vt. Stat. Ann. tit. 11C, § 817Committees
Vt. Stat. Ann. tit. 11C, § 818Standards of conduct and liability
Vt. Stat. Ann. tit. 11C, § 819Definitions
Vt. Stat. Ann. tit. 11C, § 819aJudicial action
Vt. Stat. Ann. tit. 11C, § 819bDirectors’ action
Vt. Stat. Ann. tit. 11C, § 819cMembers’ action
Vt. Stat. Ann. tit. 11C, § 820Other considerations of directors
Vt. Stat. Ann. tit. 11C, § 821Right of director or committee member to information
Vt. Stat. Ann. tit. 11C, § 822Appointment and authority of officers
Vt. Stat. Ann. tit. 11C, § 823Resignation and removal of officers
Vt. Stat. Ann. tit. 11C, § 901Article definitions
Vt. Stat. Ann. tit. 11C, § 902Authority to indemnify
Vt. Stat. Ann. tit. 11C, § 903Mandatory indemnification
Vt. Stat. Ann. tit. 11C, § 904Advance for expenses
Vt. Stat. Ann. tit. 11C, § 905Court-ordered indemnification
Vt. Stat. Ann. tit. 11C, § 906Determination and authorization of indemnification
Vt. Stat. Ann. tit. 11C, § 907Indemnification of officers, employees, and agents
Vt. Stat. Ann. tit. 11C, § 908Insurance
Vt. Stat. Ann. tit. 11C, § 909Application of article

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