Vermont Statutes Title 11 Sec. 1203
Terms Used In Vermont Statutes Title 11 Sec. 1203
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fraud: Intentional deception resulting in injury to another.
- 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
- Voting power: means the total current power of members to vote on a particular matter for which a vote may or is to be taken. See
§ 1203. Judicial dissolution
The Superior Court may dissolve a mutual benefit enterprise or order any action that under the circumstances is appropriate and equitable:
(1) in a proceeding initiated by the Attorney General, if:
(A) the enterprise obtained its articles of organization through fraud; or
(B) the enterprise has continued to exceed or abuse the authority conferred upon it by law; or
(2) in a proceeding initiated by a member, if:
(A) the directors are deadlocked in the management of the enterprise’s affairs, the members are unable to break the deadlock, and irreparable injury to the enterprise is occurring or is threatened because of the deadlock;
(B) the directors or those in control of the enterprise have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent;
(C) the members are deadlocked in voting power and have failed to elect successors to directors whose terms have expired for two consecutive periods during which annual members’ meetings were held or were to be held; or
(D) the assets of the enterprise are being misapplied or wasted. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)