Vermont Statutes Title 11 Sec. 504
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Terms Used In Vermont Statutes Title 11 Sec. 504
- Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. 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.
§ 504. No liability as member for enterprise’s obligations
Unless the articles of organization otherwise provide, a debt, obligation, or other liability of a mutual benefit enterprise is solely that of the enterprise and is not the debt, obligation, or liability of a member solely by reason of being a member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)