§ 1202. Nonjudicial dissolution
Except as otherwise provided in sections 1203 and 1211 of this title, a mutual benefit enterprise is dissolved and its activities shall be wound up:
(1) upon the occurrence of an event or at a time specified in the articles of organization;
(2) upon the action of the enterprise’s organizers, board of directors, or members under section 1204 or 1205 of this title; or
(3) 90 days after the dissociation of a member, which results in the enterprise having one patron member and no other members, unless the enterprise:
(A) has a sole member that is a cooperative; or
(B) not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Structure Vermont Statutes
Title 11C - Mutual Benefit Enterprises
§ 1201. Dissolution and winding up
§ 1202. Nonjudicial dissolution
§ 1204. Voluntary dissolution before commencement of activity
§ 1205. Voluntary dissolution by the board and members
§ 1207. Distribution of assets in winding up mutual benefit enterprise
§ 1208. Known claims against dissolved mutual benefit enterprise
§ 1209. Other claims against dissolved mutual benefit enterprise
§ 1211. Administrative dissolution
§ 1212. Reinstatement following administrative dissolution