Vermont Statutes Title 11 Sec. 1596
Terms Used In Vermont Statutes Title 11 Sec. 1596
- 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.
§ 1596. Directors; election; removal
(a) The business of the cooperative housing corporation shall be managed by a board of directors of not less than three individuals, elected by the members from their own number, except as provided in subsection 1594(c) of this title.
(b) In cooperative housing corporations with less than 20 members, the bylaws may provide that the members shall constitute the board of directors.
(c) Directors may be removed from office for cause shown, by a two-thirds vote of the board of directors at a meeting duly convened for this purpose. Directors may be removed from office without cause, by no less than a majority vote of the cooperative housing corporation‘s members at a meeting duly convened for this purpose. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)