Vermont Statutes Title 11 Sec. 1005
Terms Used In Vermont Statutes Title 11 Sec. 1005
§ 1005. Place of meetings
Meetings of the members or stockholders of the association, regular or special, shall be held at such place within or outside this State as may be determined from time to time by the board of directors. (Added 1971, No. 87, § 2, eff. April 16, 1971.)
Vermont Statutes Title 11 Sec. 1005
Terms Used In Vermont Statutes Title 11 Sec. 1005
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Mutual benefit enterprise: means an enterprise organized under this title. See
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
- Patronage: means business transactions between a mutual benefit enterprise and a person that entitles the person to receive financial rights based on the value or quantity of business done between the enterprise and the person. See
§ 1005. Distributions
(a) Unless the organic rules otherwise provide and subject to section 1007 of this title, the board of directors may authorize, and the mutual benefit enterprise may make, distributions to members.
(b) Unless the organic rules otherwise provide, distributions to members may be made in any form, including money, capital credits, allocated patronage equities, revolving fund certificates, and the mutual benefit enterprise’s own or other securities. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)