Vermont Statutes Title 11 Sec. 1606
Terms Used In Vermont Statutes Title 11 Sec. 1606
- Entity: means a person other than an individual. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Statute: A law passed by a legislature.
§ 1606. Merger
(a) One or more mutual benefit enterprises may merge with one or more other entities pursuant to this article and a plan of merger if:
(1) the governing statute of each of the other entities authorizes the merger;
(2) the merger is not prohibited by the law of a jurisdiction that enacted any of those governing statutes; and
(3) each of the other entities complies with its governing statute in effecting the merger.
(b) A plan of merger shall be in a record and shall include:
(1) the name and form of each constituent entity;
(2) the name and form of the surviving entity and, if the surviving entity is to be created by the merger, a statement to that effect;
(3) the terms and conditions of the merger, including the manner and basis for converting the interests in each constituent entity into any combination of money, interests in the surviving entity, and other consideration;
(4) if the surviving entity is to be created by the merger, the surviving entity’s organizational documents;
(5) if the surviving entity is not to be created by the merger, any amendments to be made by the merger to the surviving entity’s organizational documents; and
(6) if a member of a constituent mutual benefit enterprise will have personal liability with respect to a surviving entity, the identity of the member by descriptive class or other reasonable manner. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Statutes Title 11 Sec. 1606
Terms Used In Vermont Statutes Title 11 Sec. 1606
- Conversion: means a change in character of residential real property from a rental to an ownership basis. See
- Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. 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
§ 1606. Conversion; cooperative apartments
The provisions of 27 Vt. Stat. Ann. chapter 15, subchapter 2 shall apply to all proposed conversions of residential rental properties to cooperative ownership. “Conversion” shall be deemed to occur when a cooperative interest is first offered to a prospective member of a cooperative housing corporation involving the subject property. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)