Vermont Statutes Title 11 Sec. 115
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Terms Used In Vermont Statutes Title 11 Sec. 115
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Person: means an individual; corporation; business trust; cooperative; estate; trust; partnership; limited partnership; limited liability company; mutual benefit enterprise; joint venture; association; public corporation; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See
§ 115. Business transactions of member with mutual benefit enterprise
Subject to sections 818 and 819-819c of this title, and except as otherwise provided in the organic rules or a specific contract relating to a transaction, a member may lend money to and transact other business with a mutual benefit enterprise in the same manner as a person who is not a member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)