Vermont Statutes Title 11 Sec. 1206
Terms Used In Vermont Statutes Title 11 Sec. 1206
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- 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
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- State: means a state of the United States, District of Columbia, Puerto Rico, the U. See
- Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, and transfer by operation of law. See
§ 1206. Winding up
(a) A mutual benefit enterprise continues after dissolution only for purposes of winding up its activities.
(b) In winding up a mutual benefit enterprise’s activities, the board of directors shall cause the enterprise to:
(1) discharge its liabilities, settle and close its activities, and marshal and distribute its assets;
(2) preserve the enterprise or its property as a going concern for no more than a reasonable time;
(3) prosecute and defend actions and proceedings;
(4) transfer enterprise property; and
(5) perform other necessary acts.
(c) After dissolution and upon application of a mutual benefit enterprise, a member, or a holder of financial rights, the Superior Court may order judicial supervision of the winding up of the enterprise, including the appointment of a person to wind up the enterprise’s activities, if:
(1) after a reasonable time, the enterprise has not wound up its activities; or
(2) the applicant establishes other good cause.
(d) If a person is appointed pursuant to subsection (c) of this section to wind up the activities of a mutual benefit enterprise, the enterprise shall promptly deliver to the Secretary of State for filing an amendment to the articles of organization to reflect the appointment. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)