Vermont Statutes Title 11 Sec. 819a
Terms Used In Vermont Statutes Title 11 Sec. 819a
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Director: means a director of a mutual benefit enterprise. See
- Entity: means a person other than an individual. See
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
§ 819a. Judicial action
(a) A transaction effected or proposed to be effected by the enterprise, or by an entity controlled by the enterprise, may not be the subject of equitable relief or give rise to an award of damages or other sanctions against a director of the enterprise in a proceeding by a member or by or in the right of the enterprise on the ground that the director has an interest respecting the transaction, if it is not a director’s conflicting interest transaction.
(b) A director’s conflicting interest transaction may not be the subject of equitable relief or give rise to an award of damages or other sanctions against a director of the enterprise in a proceeding by a member or by or in the right of the enterprise on the ground that the director has an interest respecting the transaction if:
(1) the directors’ action respecting the transaction was taken in compliance with section 819b of this title at any time; or
(2) the members’ action respecting the transaction was taken in compliance with section 819c of this title at any time; or
(3) the transaction, judged according to the circumstances at the relevant time, is established to have been fair to the enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)