Vermont Statutes Title 11 Sec. 1608
Terms Used In Vermont Statutes Title 11 Sec. 1608
- 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
- Board of directors: means the board of directors of a mutual benefit enterprise. See
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. 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
§ 1608. Approval or abandonment of merger by members
(a) Subject to subsections (b) and (c) of this section, a plan of merger shall be approved by:
(1) at least two-thirds of the voting power of members present at a members’ meeting called under subsection 1607(b) of this title; and
(2) if the mutual benefit enterprise has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage vote by patron members.
(b) The organic rules may provide that the percentage of votes under subdivision (a)(1) of this section is:
(1) a different percentage that is not less than a majority of members voting at the meeting;
(2) measured against the voting power of all members; or
(3) a combination of subdivisions (1) and (2) of this subsection.
(c) The vote required to approve a plan of merger may not be less than the vote required for the members of the mutual benefit enterprise to amend the articles of organization.
(d) Consent in a record to a plan of merger by a member shall be delivered to the mutual benefit enterprise before delivery of articles of merger for filing pursuant to section 1609 of this title if as a result of the merger, the member will have:
(1) personal liability for an obligation of the enterprise; or
(2) an obligation or liability for an additional contribution.
(e) Subject to subsection (d) of this section and any contractual rights, after a merger is approved, and at any time before the effective date of the merger, a mutual benefit enterprise that is a party to the merger may approve an amendment to the plan of merger or approve abandonment of the planned merger:
(1) as provided in the plan; and
(2) except as prohibited by the plan, with the same affirmative vote of the board of directors and of the members as was required to approve the plan.
(f) The voting requirements for districts, classes, or voting groups under section 404 of this title apply to approval of a merger under this article. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Vermont Statutes Title 11 Sec. 1608
§ 1608. Eligibility for property tax relief
Members of cooperative housing corporations shall be eligible to apply for and receive a homestead property tax adjustment under 32 V.S.A. § 6066, subject to the conditions of eligibility set forth therein. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988; amended 1997, No. 71 (Adj. Sess.), § 16a, eff. Jan. 1, 1999.)