Vermont Statutes Title 11 Sec. 1591
Terms Used In Vermont Statutes Title 11 Sec. 1591
- Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Member: means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title. See
§ 1591. Membership
(a) A cooperative housing corporation shall be organized on a membership basis with capital stock.
(b) A cooperative housing corporation shall have one class of stock and, therefore, one class of members, all of whom must be residents except as provided in subdivision 1599(1) of this title. The designation, qualifications, requirements, method of acceptance, and incidents of membership shall be set forth in the articles of association or the bylaws.
(c) No member may transfer his or her membership except as permitted in the articles of association or the bylaws.
(d) The bylaws may provide for termination of membership and the conditions and terms thereof. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)