11C V.S.A. § 514
This is the official text of 11C V.S.A. § 514, part of Vermont’s V.S.A — part of the compiled statutory law of Vermont, published by the state as "V.S.A." Browse the sections below, each linked to its official government source.
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§ 514. Voting requirements for members
Official statutory text
If a mutual benefit enterprise has both patron and investor members, the following rules apply:
(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote.
(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:
(A) all members voting at the meeting unless more than a majority is required by articles 4, 12, 15, and 16 of this title or the organic rules; and
(B) votes cast by patron members unless the organic rules require a larger affirmative vote by patron members.
(3) The organic rules may provide for the percentage of the affirmative votes that shall be cast by investor members to approve the matter.
(1) The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote.
(2) Action on any matter is approved only upon the affirmative vote of at least a majority of:
(A) all members voting at the meeting unless more than a majority is required by articles 4, 12, 15, and 16 of this title or the organic rules; and
(B) votes cast by patron members unless the organic rules require a larger affirmative vote by patron members.
(3) The organic rules may provide for the percentage of the affirmative votes that shall be cast by investor members to approve the matter.
Status: in_force · Read it on the official government site
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