Vermont Statutes Title 11 Sec. 1006
§ 1006. Directors
The business of the association shall be managed by a board of not less than five directors, elected by the members or stockholders from their own number.
Vermont Statutes Title 11 Sec. 1006
Terms Used In Vermont Statutes Title 11 Sec. 1006
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- 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
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
§ 1006. Redemption or repurchase
Property distributed to a member by a mutual benefit enterprise, other than money, may be redeemed or repurchased as provided in the organic rules but a redemption or repurchase may not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole discretion. A redemption or repurchase is treated as a distribution for purposes of section 1007 of this title. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)