Vermont Statutes Title 11 Sec. 1002
§ 1002. Meetings
Each association shall by its bylaws provide for one or more regular meetings annually.
Vermont Statutes Title 11 Sec. 1002
Terms Used In Vermont Statutes Title 11 Sec. 1002
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
§ 1002. Contribution and valuation
(a) Unless the organic rules otherwise provide, the contributions of a member to a mutual benefit enterprise may consist of tangible or intangible property or other benefit to the enterprise, including money, labor, or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed.
(b) The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a mutual benefit enterprise’s records.
(c) Unless the organic rules otherwise provide, the board of directors shall determine the value of a member’s contributions received or to be received, and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member’s contribution obligation has been met. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)